EUR/JPY first made a minor correction to 124.23 ( we expected a dip from here to 124.39) and the pushed higher to peak at 124.73 just below our ideal target at 124.87. This completed sub-wave red wave i/ and we are now in sub-wave red wave ii// The pair may bottom at the 61.8% corrective target of red wave i/ at 123.66 from where a new impulsive rally is expected in red wave iii/ of red wave iii. This wave may become the strongest and easily rally to 126.03 and above the former peak at 127.02.
We are long EUR from 123.10 with our stop placed at 123.45. Buying near 123.66 with a stop at 123.45 or more conservativly at 123.05 should prove to be a low-risk buying opportunity.The material has been provided by InstaForex Company - www.instaforex.com