Wave summary:

EUR/JPY once again failed to break below the important short-term support at 135.00, this may lead to a new short-term spike higher to 136.00 before renewed downside pressure is seen, but we remain convinced that it's only a matter of time before the important short-term support at 135.00 is broken for real and a decline towards 131.11 is developing.

In the longer term, we will be looking for a decline to 123.43 to complete wave (E) of the huge triangle formation, that has been building since July 2008.

R3:136.64

R2: 136.00

R1: 135.75

Pivot: 135.00

S1: 134.78

S2: 134.37

S3: 133.90

Trading recommendation:

We are short EUR from 134.75 with our stop placed at 136.75