The EUR/JPY pair is still moving downwards under the negative pressure obtained from the bearish classical pattern and the suggested Elliott count as seen on the provided daily chart. Stabilizing below 120.90 is able to open the door for an aggressive downside action towards the technical target of the short term basis appearing on our image. EMA 10-80 act as ceiling for the time being and therefore potential negative movements could be witnessed over intraday basis.
The trading range for today is among key support at 117.40 and key resistance now at 123.85.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 120.95 targeting 118.95 and stop loss above 122.35 might be appropriate.|