EUR/JPY failed to move below minor support seen at 123.29, which indicates that a triangle consolidation could be unfolding as wave B. If this is the case, then we should see a move slightly higher to 124.25 before a final decline in wave e of B to near 123.46 from where the next impulsive rally towards 138.52 should take off. That said, we have to keep in mind that we are in the midst of a correction and they can take on every thinkable and unthinkable shape, so we still have multiple possibilities from here, but the triangle option is becoming the preferred possibility.
R3: 124.25
R2: 124.10
R1: 123.97
Pivot: 123.95
S1: 123.76
S2: 123.65
S3: 123.55
Trading recommendation:
We will buy EUR at 123.55 or upon a break above 124.54
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
EUR/JPY failed to move below minor support seen at 123.29, which indicates that a triangle consolidation could be unfolding as wave B. If this is the case, then we should see a move slightly higher to 124.25 before a final decline in wave e of B to near 123.46 from where the next impulsive rally towards 138.52 should take off. That said, we have to keep in mind that we are in the midst of a correction and they can take on every thinkable and unthinkable shape, so we still have multiple possibilities from here, but the triangle option is becoming the preferred possibility.
R3: 124.25
R2: 124.10
R1: 123.97
Pivot: 123.95
S1: 123.76
S2: 123.65
S3: 123.55
Trading recommendation:
We will buy EUR at 123.55 or upon a break above 124.54
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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