The EUR/JPY pair didn't show big moves since yesterday. Therefore we still believe that the bigger bearish picture of the negative classical pattern is still pressuring it under the ceiling of EMA 10-80 Ribbons lines. Once more stabilizing below 120.90 might cause an aggressive bearish action. Thus; potential downside movements could be seen over intraday basis.
The trading range for today is among key support at 117.40 and key resistance now at 124.15.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Support120.90120.45120.00119.30118.85Resistance121.30121.70122.15122.65123.10RecommendationBased on the charts and explanations above our opinion is, selling the pair from 121.20 targeting 119.40 and stop loss above 122.65 might be appropriate.