EUR/JPY - Daily
EUR/JPY - 4 Hourly
Wave summary:
The break below 129,83 confirmed that wave Y completed with the test of 131.40 and another X-wave likely is developing for a decline to at least 125.08 and ideally closer to the 50% corrective target at 123.13 before the final rally higher from 109.54 takes over.
Short-term, we will likely see a minor correction back to 129.52 before more downside pressure should be seen.
R3: 130.03
R2: 129.78
R1: 129.52
Pivot: 129.00
S1: 128.46
S2: 127.98
S3: 127.41
Trading recommendation:
Our stop at 129.75 was hit for a minor loss. We are looking to sell EUR at 129.45 with stop placed at 130.95.