Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURJPY broke support area
• Likely to fall to 121.00
EURJPY recently broke the support area lying between the key support level 122.60 (low of the previous short-term impulse wave A) and the 38.2% Fibonacci correction of the upward impulse from May.
This fibonacci retracement also coincided with the 61.8% Fibonacci correction of the upward impulse from June – forming the Fibonacci cluster.
EURJPY is likely to fall further toward the next support level 121.00 (target price for the completion of the active minor impulse wave (iii)).
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