Here is an update on our EUR/JPY short (sold at 128.60) position as noted in prior comment.

EUR/JPY dives through 128.49 to as low as 128.19 so far, indicating resumption of fall from 131.97. We maintain the view that corrective rebound from 124.61 has completed with three waves up to 131.97. Fall from 131.97 should target 127.13 support first. And break will confirm our view and target a test on 124.61 low next.

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Based on this view, we’ll hold EUR/JPY short, and lower the stop to 129.05, slightly above 129.00 minor resistance. While 127.13 is the first target, we’re actually expecting at least a test on 124.61. And, whether the larger fall from 137.49 will extend through 124.08 key support remains to be assessed.

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