Wave summary:
EUR/JPY continues to move lower towards the next downside target at 128.78. In the short term, we expect minor resistance at 131.59 to protect the upside for a breakout below the support line at 130.63 confirming a movement lower to 128.78.
In the longer term, the next major downside target to look for is found at 124.54.
Trading recommendation:
We are short EUR from 132.09 and will move our stop lower to 131.65. If you are not short EUR yet, then sell EUR near 131.30 and use the same stop at 131.60.
The material has been provided by InstaForex Company - www.instaforex.com