EUR/JPY failed to push above resistance at 129.23 and has instead broken below support at 128.30, which has reinstated our prior bearish view for a decline towards at least 125.75 and possibly even lower to 123.66 to complete wave C and (E) of the 10 year long triangle consolidation.
Resistance is now seen near 128.45. This resistance will ideally cap the upside for a decline through support at 127.77 for more downside pressure towards 125.75.
R3: 129.15
R2: 128.89
R3: 128.45
Pivot: 127.87
S1: 127.47
S2: 127.25
S3: 126.62
Trading recommendation:
Our stop at 128.00 has been hit. We will stay sidelined for now.
