EUR/JPY should now see the resistance in the 128.08 - 128.20 area for the next decline through minor support at 127.60, that will call for a decline towards 125.75 on the way lower to the long-term target seen at 123.66. This decline should complete wave [E] of the 10 year long triangle consolidation.

R3: 128.50

R2: 128.20

R1: 128.08

Pivot: 127.68

S1: 127.60

S2: 127.23

S3: 126.62

Trading recommendation:

We will sell EUR at 128.05 or upon a break below 127.60 and we will place our stop at 128.60.