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EUR/JPY is currently correcting the impulse rally from 124.89 to 130.28. The minimum corrective target is 23.6% of red wave (1) seen at 128.88, and it has already been reached. However, the second wave correction tend can be deeper than this, so we continue to expect more downside pressure towards at least 38.2% corrective target at 128.22. A more normal second wave correction would correct between 50% - 78.6% of the first wave. However, in this case we have already seen impatience as an expanded flat is developing. Under this correction wave B moves above the starting point of wave A and wave C moves below the ending point of wave C.
The red wave (c) of the red wave (2) has already extended to 300% of the red wave (a), which is unusual, so the if the red wave (2) needs to take up more time, it will likely be in the form of a corrective combination of some kind. Indicating a spike close to 129.85 in an (x)-wave before the final dip towards 128.22 to complete red wave (2) and setting the stage for the next impulsive rally towards 137.51 and above.
R3: 130.40
R2: 129.93
R1: 129.65
Pivot: 129.30
S1: 129.14
S2: 128.60
S3: 128.29
Trading recommendation:
We are long on EUR from 129.10 with our stop placed at 128.10. Upon a break above 129.14 we will move our stop higher to 128.60.
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