EUR/JPY declined as expected. The break below minor support at 126.43 confirmed that wave B/ was completed and wave C/ was unfolding. The ideal target for the ongoing wave C/ of 2/ is seen near 124.41 or more likely just below.
In the short-term, more downside pressure remains expected with minor resistance seen in the 125.95 - 126.10 area, which likely will act as a cap as wave C/ is falling to 124.41.
R3: 126.10
R2: 125.95
R1: 125.60
Pivot: 125.52
S1: 125.36
S2: 125.08
S3: 124.82
Trading recommendation:
We will buy EUR again near 124.50
The material has been provided by InstaForex Company - www.instaforex.com