EUR/JPY continues trading near the 122.00 support area. At the same time, it fails to produce a higher high which is a sign that the trend is still bearish.
The pair rejecting the downtrend trendline and remains below the 200 Moving Average. Consider selling EUR/JPY on small pullbacks near 123.00, targeting 161.8% Fibs applied to the first corrective wave after the 128.00 support breakout. The stop loss should be well above the R1 (124.70).
Support: 122.00, 118.80
Resistance: 124.70, 127.30
