EUR/JPY could move a bit closer to support at 119.75 before completing wave iii. Then, it is likely to set the stage for a correction in wave iv towards 120.97 and a final dip into the target-zone between 118.85 – 119.24 to complete wave v and C of 2.
In the short term, a break above minor resistance at 120.40 will indicate that wave iii has completed and wave iv is developing towards 120.97.
We will wait for a buying opportunity at 119.30.
The material has been provided by InstaForex Company – www.instaforex.com