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EUR/JPY has continued lower and is now hovering just above important support at 127.86. This support can not be broken, if our bullish count is to remain valid.
As important support at 127.86 remains untouched we stays cautiously bullish, but we need a break above resistance at 129.73 and more importantly above resistance at at 130.29 to confirm that a new impulsive rally is developing.
If important support at 127.86 is broken, we will have to review our bullish count from 124.59 as a break below this support, will indicate that wave E still is developing and has the potential to decline all the way towards 120.29.
R3: 130.29
R2: 129.73
R1: 129.45
Pivot: 129.12
S1: 128.91
S2: 128.54
S3: 128.32
Trading recommendation:
Our stop at 129.00 has been hit. We will only buy a break above 130.29
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