EURJPY: Short Triggered as Prices Break Support

[B]My picks:[/B] Remain Short EURJPY
[B]Expertise:[/B] Global Macro, Classic Technical Analysis
[B]Average Time Frame of Trades:[/B] 1 week - 6 months

Last week I noted that EURJPY positioning looked decidedly bearish, showing a well-defined Rising Wedge with the downward bias bolstered by negative divergence on the RSI oscillator. The short entry has now been triggered at 132.13 on a daily close below support at the intersection of the wedge bottom and the 23.6% Fibonacci retracement of the 01/21 - 06/05 rally (132.76), initially targeting the 38.2% Fib at 128.80. A stop-loss will be activated on a daily close above the 07/07 wick high at 133.96.