EUR/JPY: sell targets – 133.10 and 131.50
By: Dima Chernovolov
- EUR/JPY reversed from resistance zone
- Next sell targets – 133.10 and 131.50
EUR/JPY recently reversed down from the strong resistance zone lying between the resistance levels 137.50 and 136.00 (this resistance zone also earlier reversed the previous corrective waves 4 and (2) in January and February respectively). The latest downward reversal for this resistance area completed the preceding sharp primary ABC correction ② from the middle of April.
The active impulse wave 1 yesterday broke the sharp support trendline from the start of the aforementioned ABC correction. The breakout of this support trendline should add to the bearish pressure on EUR/JPY in the coming trading sessions. EUR/JPY is likely to fall to the next sell targets 133.10 and 131.50.