Source: Forex Analysis
EUR/JPY is being locked inside a narrow trading-range between 132.16 – 132.89, this range-trading should ultimately resolve itself towards the downside and a break below 132.16 for a continuation towards 130.37 and likely even lower and wave (E) starts to gather downside momentum.
At this point, a short-term mini spike to just above 132.89 can not be excluded, but will likely turn out to be a mini bear-trap.
R3: 133 23
We are short EUR from 133.00 with stop placed at 133.55. If you are not short EUR yet, then sell near 132.89 or upon a break below 132.16 and use the same stop at 133.55.
The material has been provided by InstaForex Company – www.instaforex.com