EUR/JPY retreats from 133.90

The common European currency strengthened substantially against the Yen on Tuesday, thus resulting in a 121-pip increase in price. As a result, the pair shot up to the 133.90 mark late in the evening and has remained between the weekly R2 and R1 in the 134.10/133.34 area. 

This strong momentum north indicates that the Euro might still push up to the long-term resistance at 134.50. A reversal from this point (which is the likely option given the strength of the Euro) would confirm the existence of a triple top. It is a strongly bearish pattern that should sent the pair past the 131.50 mark within a couple of trading sessions. 

By and large, the aforementioned 131.40 area is unlikely to surrender today, even if bulls manage to push the rate even higher afterwards. A fall could result in a test of the monthly PP at 132.80.