EUR/JPY needs to break clearly below minor support at 132.09 to confirm that wave B has completed, and wave C is developing.
We do expect the peak at 132.97 will continue to cap the upside for a break below 132.09 confirming that wave C lower is developing.
The ideal long-term target for the ongoing (E) wave is seen near 123.43.
R3: 133.39
R2: 132.97
R1: 132.78
Pivot: 132.09
S1: 131.75
S2: 131.35
S3: 130.64
Trading recommendation:
We will sell a break below 132.28.