There is still the possibility of a short-term correction closer to 119.87 before the next impulsive rally pushes EUR/JPY higher towards the next upside target near 124.64.
In the longer term, we remain bullish as the 11-year triangle consolidation completed with the text of 115.87 on September 2. This also mean that wave [C] now is in motion. If wave [C] becomes equal in length to wave [A], a rally to 196.88 looks likely over the coming years.
We are long EUR from 117.25 with our stop placed at 119.00
The material has been provided by InstaForex Company – www.instaforex.com