EURJPY Wave Analysis – 18 June, 2020

• EURJPY broke support zone

• Likely to fall to 119.00

EURJPY recently broke the support zone lying between the support level 120.50 (low of the preceding impulse wave A) and the 50% Fibonacci retracement of the recent sharp upward impulse c from May.

The breakout of this support zone is aligned with the active short-term ABC correction 2 from the start of June. EURJPY is likely to fall further toward the next support level 119.00 (former resistance from April and the likely price for the completion of the active sub-impulse (i)).