Wave summary:
EUR/JPY remains lock inside the 131.14 - 134.50 range, which we think is a topping pattern developing. It will eventually resolve itself to the downside and a break below important support at 131.14 confirm that wave (D) has completed and wave (E) lower to the ideal target at 123.43 is developing.
That said, an unexpected break above 134.50 will shift the bias towards more upside pressure to 137.37 to complete wave (D).
R3: 134.50
R2: 134.17
R1: 133.97
Pivot: 133.41
S1: 133.11
S2: 132.69
S3: 132.23
Trading recommendation:
Our break-even stop at 133.75 has been hit. We will sell EUR again at 134.00 or upon a break below 133.41 with the stop placed at 134.60.
