Wave summary:
EUR/JPY has tested the support-line, which has rejected the first test and a correction towards 134.88 should be expected before the next test and likely breakthrough for more downside to 131.50.
Short-term a break above minor resistance at 133.90 will confirm that a correction closer to 134.88 should be expected before the next move lower.
R3: 134.88
R2: 134.15
R1: 133.90
Pivot: 133.01
S1: 132.42
S2: 132.01
S3: 131.50
Trading recommendation:
We are hold a 50% short position from 134.75 and we will lower our stop to 133.95. If our stop is hit we will sell EUR again at 134.75.
