Monday, August 25, 2014
EUR/JPY - Look for the final decline to 134.34
As long as resistance at 138.01 holds firm, I will be looking for a final decline towards the equality target between wave A and C at 134.34.
Short term I'm looking for a break below support at 136.81 to confirm that the final decline lower to the equality target at 134.34 is developing. As we are locked in an expanded ending diagonal, this decline will likely not be a smooth easy to read decline...
Once the equality target is reached we should be ready for a new impulsive rally much higher.