Wave summary:
The decline in EUR/JPY has stalled at the 131.70 support, It should be a matter of time before this support is broken for a continuation lower towards 130.73 and possibly even lower. Short-term we expected minor resistance at 132.38 will continue to cap the upside for the break below 131.70.
R3: 132.92
R2: 132.72
R1: 132.38
Pivot: 132.00
S1: 131.70
S2: 131.34
S3: 131.00
Trading recommendation:
We are short EUR from 132.65 with stop placed at break-even. We will take profit on half the position at 130.80.
