Wave summary:
EUR/JPY remains lock in a trading range between 131.60 - 133.39. We continue to look for a minor corrective rally closer to 134.73 and maybe even closer to 135.39 to complete the corrective x-wave and set the stage for the next decline to below 131.60 for a move towards 129.30 on the way lower to the ideal (E)-wave target at 123.43.
R3: 133.79
R2: 133.39
R1: 132.45
Pivot: 131.60
S1: 131.20
S2: 130.56
S3: 130.00
Trading recommendation:
We are long EUR from 132.70 with stop placed at 131.50 and take profit set at 134.50.