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EURJPY CORRECTIVE WAVE DOWN

FX:EURJPY   Euro / Japanese Yen
81 1 0
EURJPY             might correct down to 134 or 133 levels
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Having completed the Impulse Wave up (marked green on the chart), the EURJPY have lost some of the bullish market participants. At the moment it looks like we are in the beginning of the Corrective wave C (marked red on the chart), suggesting that Euro may be preparing to resume correction down against the Japanese Yen. However, at the same time it has broken above 61.8% Fibonacci retracement level, which might provoke further growth in the long term.

EUR/JPY has broken to the downside out of the rising uptrend trend line and after meeting a strong resistance line at 136.14, the pair failed to break it. Finally, a clean bounce of the downtrend trend line confirming a bearish bias. While the R1 level - 136.14 is not penetrated, all the facts favors further short to medium term extensions down, towards one of the Fibonacci levels targeting 134.00 or 133.00. It seems wise to look for sell opportunities either at the nearest resistance - 135.5 or on the breakout of the current low – 134.93.

Support: 134.76, 133.88, 133.00
Resistance: 135.50. 136.14, 136.67
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