EUR/JPY peaked at 132.90, just above our ideal target at 132.82 and is now in a position to reinforce the underlying downtrend towards the long-term ideal target for wave (E) at 123.43.
A break below support at 131.75 will confirm wave B has peaked and wave C lower is developing.
We took profit at 132.65 and booked a nice profit for 195 pips. At the same time we reversed our position to a sold EUR-position and is now short from 132.65. We have placed our stop at 132.95.
The material has been provided by InstaForex Company – www.instaforex.com