EUR/JPY continues to move lower towards the next minor downside target at 128.96.

Short-term resistance is now seen at 130.63, which will ideally protect the upside for a continuation lower to 128.96 on the way towards the ideal wave C of (E) target at 124.94.

Once this C wave decline completes, it will also complete the huge triangle consolidation that has been unfolding since July 2008.

R3: 130.81

R2: 130.63

R1: 130.25

Pivot: 129.87

S1: 129.52

S2: 128.96

S3: 128.31

Trading recommendation:

Sell EUR near 130.63 with stop placed at 131.25.