EUR/JPY shortly move above minor resistance at 122.25, but wasn't able to sustain the break and fell back below to re-test the low at 121.59. At this point a final dip to just below 122.25 can't be excluded as long as minor resistance at 122.46 is able to cap the upside.
Only a break above 122.46 and more importantly a break above resistance at 122.89 can confirm that wave 2 was completed and wave 3 now is in motion for an ultimate break above the former peak at 127.02.
R3: 122.89
R2: 122.46
R1: 121.98
Pivot: 121.80
S1: 121.59
S2: 121.13
S3: 120.62
Trading recommendation:
We bought EUR at 122.25 and we have placed our stop at 121.25