EUR/JPY hit the bottom at 123.50 for one more rally to just above 124.25 to complete wave i of 3/. Once wave i is complete, we should see a correction in wave ii towards solid support near 123.30 before the next impulsive rally in wave iii of 3/. Wave iii of 3/ should be the strongest of the waves and push EUR/JPY a lot higher and ultimately through the former peak at 127.02.
Support is now seen at 123.62 and then at 123.50.
We are long EUR from 122.95 and we will move our stop higher to 123.45 and take 50% profit at 124.25.The material has been provided by InstaForex Company - www.instaforex.com