EUR/JPY is currently correcting after its rally seen on Friday. This correction will likely see its limit near 119.01 for the next move higher towards the short-term target at 121.93.
In the longer-term, we expected EUR/JPY to move much higher as the huge 11 years triangle completed with the test of 115.87 and a new mulity year rally should be expected. If wave [C], which is now developing, becomes equal in length to wave [A] then the ideal target for wave [C] is seen at 196.88.
For now, we should be looking for support near 119.01 for the next rally higher towards 121.93.
We are long EUR from 117.25 and we will move our stop higher to 118.00.
The material has been provided by InstaForex Company – www.instaforex.com