EUR/JPY failed to break back above minor resistance at 119.36 which turned into a new downside pressure with a new low at 118.32. With the 61.8% corrective target, EUR/JPY is ready to challenge the upside again, but we need a break above minor resistance at 119.37 and more importantly, a break above 119.36 to confirm that the corrective downside pressure is complete and a new impulsive rally higher to 122.02 is developing.
R3: 120.70
R2: 120.33
R1: 119.88
Pivot: 119.36
S1: 118.54
S2: 118.32
S3: 118.03
Trading recommendation:
We are long EUR from 118.95 with our stop placed at 118.30
The material has been provided by InstaForex Company - www.instaforex.com