EUR/JPY has rallied nicely after the expected dip into the 117.54 - 117.61 area. This rally is likely to push the pair higher if only it is not interrupted by minor corrections as wave iii heads towards the minimum target at 121.93.
Support is currently seen at 118.65 which ideally will protect the downside for a continuation higher to 119.60 on the way higher to 121.93 and above.
R3: 119.60
R2: 119.23
R1: 119.01
Pivot: 118.65
S1: 118.42
S2: 118.18
S3: 118.04
Trading recommendation:
We are long EUR from 117.25 and we will move our stop higher to 117.50
The material has been provided by InstaForex Company - www.instaforex.com