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EURJPY Technical Analysis for December 10 Dec 2015

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Chart setups:
The daily chart presented here indicates that EURJPY might have stalled at 134.50 levels, after the rally last week from 129.00 levels. The most probable wave count from current levels, is a drop towards at least 131.00 levels, before the rally could resume. On the other side, a continued drop below 129.00 levels could open doors towards 126.00 levels. Immediate support is seen at 131.00 levels, followed by 129.00 and lower, while resistance is seen at 137.50 levels and higher respectively. In either case, a drop is expected and looking into the RSI levels, which is stalling just below 70 levels, conditions seem favourable. Bears should remain poised to take back control from here, till prices stay below the 137.50 levels.
Trading recommendations:
Short now, stop at 134.90, target remains open.

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