EUR/JPY broke support zone

EUR/JPY broke support zone

2021-11-11 • Updated

  • EUR/JPY broke support zone
  • Next sell target - 116.00

EUR/JPY has been falling in the last few tarring sessions – after the earlier breakout of the support zone lying between the support levels 119.00, 118.20 (which reversed the previous sharp impulse wave (1) in February, as can be seen below) and the 50% Fibonacci correction of the previous sharp upward impulse from October of 2016. 

EUR/JPY is expected to fall further in the active impulse waves 3 and (3) toward the next sell target at the support level 116.00 (former strong resistance level from last September and October).

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