Wave summary:

EUR/JPY remains lower in the wave (E) of the huge triangle, that has been developing since July 2008. This will keep pressuring EUR/JPY lower, ideally to 123.43 before this huge triangle consolidation finally comes to the end and a new impulsive rally higher can take hold.

In the short term, we are looking for resistance near 137.20 to cap the upside for renewed downside pressure towards at least 127.52 on the way lower to 123.43.

R3: 132.79

R2: 132.20

R1: 132.10

Pivot: 131.56

S1: 131.05

S2: 130.89

S3: 130.55