EUR/JPY - 4 Hourly
EUR/JPY is following the expected path lower and should be headed lower to the next minor target at 131.47.
Longer term, we are looking for wave C to decline close to 124.94 and maybe slightly lower. This decline should complete wave (E) of the huge triangle consolidation, that has been developing since July 2008, so once this triangle finally completes the upside potential is huge.
R3: 132.90
R2: 132.55
R1: 132.20
Pivot: 132.00
S1: 131.75
S2: 131.35
S3: 131.06
Trading recommendation:
We are short EUR from 132.85 and we will move our stop lower to breakeven.
The material has been provided by InstaForex Company - www.instaforex.com