EUR/JPY continues to follow the expected path higher towards 130.20 and possibly even closer to the 61.8% corrective target near 130.65.
Support is now seen at 128.57, which ideally will protect the downside for a break above minor resistance at 129.33 for the next rally towards the 130.20 target. However, it will take a break below support at 128.34 to indicate the correction in wave B has completed prematurely and that wave C lower is already developing.
R3: 130.20
R2: 129.54
R1; 129.33
Pivot: 128.77
S1: 128.57
S2: 128.34
S3: 128.22
Trading recommendation:
We are long on EUR from 127.75 with our stop placed at 128.25. We will raise our stop to 128.50 upon a break above resistance at 129.33. We will take half profit at 130.10.
The material has been provided by InstaForex Company -
www.instaforex.com