EUR/JPY continues to push lower towards the ideal target at 120.62. This should complete wave II and set the stage for the next impulsive rally higher. Short-term support is seen at 121.29 and a break below here will add downside pressure towards the ideal target at 120.62.
Short-term minor resistance is seen at 122.32 and a break above here will be the first indication that wave II has completed and wave III is developing. Besides, a break above resistance at 123.36 will confirm that wave III is developing
R3: 122.23
R2: 121.85
R1: 121.67
Pivot: 121.48
S1: 121.29
S2: 120.92
S3: 120.62
Trading recommendation:
We are look for a EUR-buying opportunity at 120.85 or upon a break above 122.23