Ian Coleman, Director at PIA first, is setting shorts in EURJPY; "A mild morning rally was sold into yesterday and follow through bearish momentum resulted in the market trading to the most negative level in 7 days. We have a 50% Fibonacci pullback level of 134.83 from 132.22 to 137.44. The selloff has posted a correction count on the intraday chart. The AB=CD formation target is located at 134.00. There is no clear indication that the downward move is coming to an end. As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels."