[m.youssif]

EURJPY Forecast
The EURJPY was corrected lower yesterday and slipped below 120.75 earlier today in Asian session. The bias is bearish in nearest term testing 119.30 as we are now in bearish correction phase but note the major bullish scenario remains intact. I don’t expect any movement below 119.30, but a clear break below 119.30 could trigger further bearish pullback testing 118.00 even 116.00 support area. Immediate resistance at 121.50. A clear break above that area would lead us to neutral zone in nearest term and only a clear break above 122.59 would end this bearish consolidation phase, still targeting 125.44 and 127.90.

[m.youssif]

EURJPY Forecast
The EURJPY was corrected lower yesterday and slipped below 120.75 earlier today in Asian session. The bias is bearish in nearest term testing 119.30 as we are now in bearish correction phase but note the major bullish scenario remains intact. I don’t expect any movement below 119.30, but a clear break below 119.30 could trigger further bearish pullback testing 118.00 even 116.00 support area. Immediate resistance at 121.50. A clear break above that area would lead us to neutral zone in nearest term and only a clear break above 122.59 would end this bearish consolidation phase, still targeting 125.44 and 127.90.