EUR/JPY: sell target - 130.00
By: Dmitriy Chernovolov
- EUR/JPY reversed from resistance level 132.00
- Next sell target - 130.00
EUR/JPY continues to fall after the recent sharp downward reversal from the pivotal resistance level 132.00 (former strong support level which has been reversing the price from the start of September, acting as resistance now after it was broken recently). The downward reversal from the resistance level 132.00 is likely to strengthen the bearish pressure on this currency pair in the coming trading sessions.
EUR/JPY is likely to fall further in the active impulse wave (iii) (which belongs to the C-wave of the intermediate ABC correction (2) from the start of June) toward the next sell target at the round support level 130.00.