EUR/JPY dipped to the 61.8% corrective target of wave i at 123.41, which also where the support line from the 114.40 low was seen. This solid support is expected to protect the downside for a break above minor resistance at 123.99 to confirm wave ii has completed and wave iii towards 128.02 is unfolding.

R3: 124.18

R2: 123.94

R1: 123.76

Pivot: 123.80

S1: 123.38

S2: 123.19

S3: 123.00

Trading recommendation:

We are long EUR from 123.48 with our stop placed at 123.00. Upon a break above 123.99 our stop will be raised to 123.30