EUR/JPY once again failed to break clearly above resistance at 124.86 and looks to have lost upside momentum. This mean wave i is in place at 125.09 and wave ii into the corrective target-area between 121.22 – 121.96 now should be expected before the next impulsive rally is expected to take over again.
Resistance at 124.49 failed to cap the upside indicating a flat correction developing. This calls for a rally in wave b closer to 125.09 before the next dip into the 121.22 – 121.96 area.
R3: 126.10
R2: 125.50
R1: 125.03
Pivot: 124.29
S1: 123.98
S2: 123.75
S3: 123.47
Trading recommendation:
We are looking for a buying opportunity in the 121.22 - 121.96 area.
The material has been provided by InstaForex Company - www.instaforex.com