Nickonomics

EUR/JPY is at risk of a major correction

FX:EURJPY   Euro / Japanese Yen
A couple of patterns have formed on daily chart of EURJPY             . Firstly, a 'Double top' pattern was triggered yesterday with daily close below 137. Secondly, a three-wave correction may have ended on Aug 21. Thus, another wave down is due to unfold targeting 131,20 area. To confirm this scenario, a break of current trend line is around 136.20+ is required. Invalidation is a daily close above 137.80.
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