EUR/JPY may find resistance near 121.44 for renewed downside pressure. After the break below short-term key resistance at 122.10 last week, we have shifted our preferred count to wave 2. A second dip should be expected to 118.23 and maybe even closer to 117.00 before wave 2 finally is completed and a new impulsive rally unfolds.
From resistance at 121.44 or upon a break below minor support at 120.65 renewed downside pressure is expected towards 119.78 and 119.26 on the way lower to 118.23.
R3: 121.96
R2: 121.73
R1: 121.44
Pivot: 120.87
S1: 120.65
S2: 120.41
S3: 119.78
Trading recommendation:
We will sell EUR at 121.35 or upon a break below 120.65 Our stop will be placed at 122.00
The material has been provided by InstaForex Company - www.instaforex.com