EUR/JPY profit target reached for the 5th time, prepare to short

The price has shot up and reached our profit target for the 5th time in a row. We prepare to sell below 131.32 resistance (Fibonacci extension, bearish price action) for a push down to at least 130.63 support (Fibonacci retracement, horizontal pullback support).

RSI (34) sees resistance below 64% where we expect a drop from.

Correlation analysis: We are seeing intermediate JPY strength with corrections expected on AUD/JPY and EUR/JPY.

Sell below 131.32. Stop loss is at 131.60. Take profit is at 130.63.


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