EUR/JPY has continued to drop to our second downside target at 122.14 (the low has been seen at 122.06). We do see clear weakness in this last down-move, but we will need a break above 123.60 to confirm that wave ii has completed and wave iii is taking over for a new impulsive rally towards 129.35.
Support is now seen at 122.06 and again at 121.37.
R3: 124.15
R2: 123.60
R1: 123.00
Pivot: 122.50
S1: 122.06
S2: 121.70
S3: 121.37
Trading recommendation: Our stop at 122.41 was triggered for a small loss of 10 pips. Our new buy-target at 122.25 was also hit. We will place our stop at 121.85
The material has been provided by InstaForex Company - www.instaforex.com