EUR/JPY continues to climb up towards the wave iii/ target at 119.31 just as we expected it will. As it is approaching the wave iii/ target, we can see the short-term weakness of the sub-rally from 116.98.
In the short-term, we expect minor support at 118.10 to be able to protect the downside for the final spike higher to the ideal target at 119.31 from where a corrective decline to at least 117.35 and possibly to 116.98 would be expected before the next upswing.
R3: 119.74
R2: 119.31
R1: 119.00
Pivot: 118.51
S1: 118.10
S2: 117.67
S3: 117.35
Trading recommendation:
We are long EUR from 115.65 and we will take profit on 75% of our position at 119.20 or upon a break below 118.10