EURJPY recently reversed down from the key resistance level 119.00 intersecting with the 50% Fibonacci retracement of the previous downward impulse (i) from March.
The downward reversal from the resistance level 119.00 started the active short-term impulse wave (iii).
Given the strong bullish yen sentiment – EURJPY is likely to fall further toward the next support level 116.20 (which has been reversing the price from the start of September).
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