EUR/JPY: sell targets - 125.00 and 124.00
By: Dmitriy Chernovolov
- EUR/JPY reversed from resistance zone
- Next sell targets - 125.00 and 124.00
EUR/JPY today reversed down from the resistance zone lying at the intersection of the resistance level 127.00 (former strong support level which reversed the previous impulse waves (3) and (iii) in January, as can be seen below) and the 50% Fibonacci retracement of the previous sharp downward impulse from the end of January. The downward reversal from this resistance zone completed the previous minor ABC correction (iv).
EUR/JPY is likely to fall further in the active minor impulse wave (v) toward the next sell target at the support level 125.00, the breakout of which can lead to further losses toward 124.00.