Wave summary:
EUR/JPY is finally challenging an important support at 135.00 and a firm break below here will require contined effort towards 131.11 and longer term decline towards 123.43, as the final wave (E) develops within the huge triangle consolidation, which has unfolded since July 2008.
Short-term minor resistance at 135.48 is expected to cap the upside for a clear break below 134.72 towards 133.05 and 131.11.
R3: 136.30
R2: 135.48
R1: 135.22
Pivot: 134.53
S1: 134.28
S2: 133.90
S3: 133.63
Trading recommendation:
We are short EUR from 134.75 and we will move our stop lower to 136.40.
