EUR/JPY has now tested and slightly broken above the 157.43 target. We will be looking for signs of a top developing and a break below minor support at 156.72 will be the first good indication that EUR/JPY has topped out and a larger correction is unfolding, while a break below support at 155.74 will confirm the top and that a correction towards 135.96 is in motion.
EUR/JPY has clearly done better than we originally expected, but no trees grow into the skies and if they do it will not last long...