EUR/JPY has reached the target at 124.41 (the low has been seen at 124.38). As long as minor resistance at 125.04 is able to cap the upside, we could see a final spike lower to just below 124.38 before wave C/ and wave 2/ finally has completed and a new impulsive rally in wave 3/ takes off towards at least 129.24 and ideally extends closer to 135.46.
A direct break above minor resistance at 125.04 will confirm that wave C/ and 2/ already has completed and wave 3/ is unfolding.
R3: 125.26
R2: 125.04
R1: 124.81
Pivot: 124.66
S1: 124.56
S2: 124.38
S3: 124.25
Trading recommendation:
We bought EUR at 124.41 and we have placed our stop at 123.41