I last posted about this trade here. I am long from the 134.10 zone, and I haved moved my stop up to 134.80. I will continue to trail my stop as the trade goes in my favor.
Notice that price is carving out a bottom as MACD and RSI both show postive divergence. The rally from 134.14 was retraced in 3-waves, but did not make a new low. Now price is rallying again, breaking the downtrend line. I am moving my stop to below the Wave2 low at 134.80. If the stock market picks up, the EUR/JPY should rally strongly from it's oversold state.