We still would prefer a second corrective dip closer to 128.57 before the next impulsive rally through short-term important resistance at 129.98 that will confirm red wave (3) being well underway towards 136.50 and higher.

It's possible that EUR/JPY breaks directly above resistance at 129.98 and skips the second dip. We think it comes down to the Market having enough patience or not.

R3: 130.49

R2: 129.98

R1: 129.75

Pivot: 129.23

S1: 129.09

S2: 128.74

S3: 128.57

Trading recommendation:

We are long EUR from 129.10 with our stop placed at 127.75. If you are not long EUR yet, then buy near 128.57 or upon a break above 129.98 and use the same stop at 127.75.