Overnight Shakeout For Longs

Last night's sharp move down accomplished 3 things:

1.) shook off longs late to the party
2.) cleared protective long stops sitting under 5/13/2015 lows
3.) sucked in fresh shorts

We are looking for EUR/JPY to get back up to 136, 137, and eventually 140.70.
We are also expecting some slowing/chop as we get back to the 135 area.