After breaking trendline support overnight in the 132.00 area, EUR/JPY has tumbled through support at 131.50, the 61.8% retracement of the 127.05/138.72 rally. Prices are edging into oversold territory on the daily charts so try and take advantage of rebounds to set shorts. 132.00, a retest of the breakout, would be an obvious entry point. 1258.50, the 200-day moving average is the most-touted target in the market.
