EUR/JPY - Weekly
EUR/JPY - 4 Hourly
Wave summary:
We continue to look for wave C towards at least 130.73 and possibly even lower as wave (E) of the huge triangle consolidation develops. We will like to stress that (E)-waves can be sub-normal, but it should move closer to 127.50 before completing. The question only is, how complex the zig-zag declines to here will become.
Short-term, we expect minor resistance at 132.73 will cap the upside for the expected decline towards 130.73.
R3: 132.94
R2: 132.73
R1: 132.40
Pivot: 131.96
S1: 131.70
S2: 131.34
S3: 131.00
Trading recommendation:
We are short EUR from 132.65 and will move our stop lower to 132.80. If you are not short yet, then sell near 132.73 and use the same stop at 132.80.
