Wave summary:

EUR/JPY failed to break out minor resistance of 134.00, which kept a corrective decline in wave alive for a deeper correction. The next corrective target is the 50% corrective target of wave a at 132.11 with the 61.8% corrective target located at 131.52.

In the short term, the corrective decline will proceed closer to 132.11 and possibly lower to 131.52 as long as resistance at 133.72 stays intact. Only a break above resistance at 133.72 will indicate a new rally higher towards 136.69 as the correction is over and.

Trading recommendation:

Our stop at 132.70 was hit for a small loss. We will re-buy EUR at 131.60 or upon a breakout above 133.72. One order cancels the other.