Technical summary:
EUR/JPY reached 148.15 (just below the ideal target at 148.25) before turning lower. We will now be looking for a break below support at 147.29 confirming the top and the next decline towards at 146.29 and 145.58 on the way lower to at least 144.77 and likely even lower to 142.05 in a longer term. At this point, only a break above 148.15 will delay the expected downside pressure, but the potential upside should be very limited from here.
Trading recommendation:
We are short in EUR from 148.10 and will place our stop at 148.30. If you are not short in EUR yet, then sell a break below 147.08 with the same stop.
