EUR/JPY has continued its downside pressure, but should run into exhaustion near 127.20 for a corrective rally back to 130.20. Short-term a break above resistance at 128.00 will be a strong indication that wave A has completed and wave B higher to 130.20 is developing.
Longer-term more downside pressure remains expected to complete wave (E) near 120.19.
R3: 128.87
R2: 128.44
R1: 128.00
Pivot: 127.83
S1: 127.42
S2: 127.20
S3: 127.00
Trading recommendation:
We will buy a break above 128.00 with our stop placed at 127.00.
The material has been provided by InstaForex Company - www.instaforex.com