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EUR/JPY has seen a corrective decline from the minor peak at 116.86 which we see as wave i/ and the ongoing correction into the 115.32 - 115.61 area is wave ii/. Once this corrective decline is completed, we will see a new strong rally in wave iii/ towards at least 119.34 and possibly even closer to resistance near 121.16.
In the short-term, a break above minor resistance at 116.37 will indicate that wave ii/ has completed and wave iii/ higher is in motion.
R3: 116.86
R2: 116.37
R1: 115.92
Pivot: 115.68
S1: 115.61
S2: 115.32
S3: 115.15
Trading recommendation:
WE bought EUR at 115.65 and we have placed our stop at 114.35
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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