Wave summary:
EUR/JPY seems to have bottomed just above the ideal 127.19 target (the low has been seen at 127.52). The break above minor resistance at 128.45 was the first indication that the x wave from 131.40 has completed and wave Z towards 137.36 is developing now.
In the short term, we would like to see a firm break above 129.18 and more importantly a break above resistance at 130.40 confirming the expected rally higher to 137.36.
R3: 130.40
R2: 129.50
R1: 129.18
Pivot: 129.00
S1: 128.63
S2: 128.42
S3: 128.04
Trading recommendation:Our stop+revers at 128.50 was hit for a minor profit on our short position and a new long position. We will place our stop at 127.75.
Wave summary:
We continue to look for more upside pressure towards 1.6236 and above here for continuation towards 1.6969 as the next larger target. On the way towards this target minor resistance will be seen at 1.6349 and again at 1.6636.
In the short term only an unexpected break below minor support at 1.6040, will delay the expected rally higher.
R3: 1.6349
R2: 1.6236
R1: 1.6197
Pivot: 1.6100
S1: 1.6084
S2: 1.6040
S3: 1.6000
Trading recommendation:
We bought EUR at 1.6125 and will place our stop at 1.6025.
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