Wave summary:
The extension has pushed EUR/JPY higher as expected, but not only to 124.06, but slightly higher to 124.30 before prices turned lower. The following break back below minor support at 123.60 indicates that wave A has just peaked and wave B is unfolding. The minimum target to expect in wave B is seen at the 38.2% corrective target at 120.69, which by the way also marks the bottom of wave iv of A. So this would certainly be a support worth keeping an eye on.R3: 124.52
R2: 124.08
R1: 123.80
Pivot: 123.65
S1: 123.36
S2: 122.88
S3: 122.60
The extension has pushed EUR/JPY higher as expected, but not only to 124.06, but slightly higher to 124.30 before prices turned lower. The following break back below minor support at 123.60 indicates that wave A has just peaked and wave B is unfolding. The minimum target to expect in wave B is seen at the 38.2% corrective target at 120.69, which by the way also marks the bottom of wave iv of A. So this would certainly be a support worth keeping an eye on.R3: 124.52
R2: 124.08
R1: 123.80
Pivot: 123.65
S1: 123.36
S2: 122.88
S3: 122.60
Trading recommendation: Our stop at 124.10 was hit for a loss. We will sell EUR again at 124.08 or upon a break below 123.50. Our stop will be placed at 124.65.
