The EUR/JPY pair bounced to correct the aggressive bearishness, which we discussed in details yesterday. Now, possible negative movements could be seen over intraday basis under the bearish pressure of Ribbons lines EMA 10-80 to resume the suggested B wave of our captured Elliott cycle, seen on the daily basis.
The trading range for today is among key support at 120.00 and key resistance now at 126.30.
The general trend over short term basis is to the downside, targeting 115.00 as far as areas of 132.50 remain intact.
Support123.60123.20122.70122.10121.75Resistance124.60125.00125.25125.50126.30RecommendationBased on the charts and explanations above our opinion is, selling the pair from 124.35 targeting 122.40 and stop loss above 125.80 might be appropriate.