EUR/JPY declined to a low of 117.56 (just 22 pips above our ideal target for wave ii). The rally that followed does look impulsive and calls for more upside towards at least 122.05 as wave iii should be an extension of wave ii. At 122.05 wave iii will be an 161.8% extension of wave i.
Short-term EUR/JPY is testing the resistance line of the falling channel 127.50. This resistance line is likely to cause a minor corrective dip to 118.95 and maybe even closer to 118.41 before the next and likely successful attempt to break through this resistance-line towards 122.05 and above.
We missed our Ideal buy-target at 117.40, but bought the break back above 118.23 and is long EUR from 118.25 and we have placed our stop at 117.50.
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