EURJPY recently reversed down from the resistance area lying between the pivotal resistance level 119.000 (which stopped the previous correction (ii)) and the 61.8% Fibonacci retracement of the previous sharp downward impulse wave (i) from the end of March. The downward reversal from this resistance area started the active impulse wave (iii). Given the predominantly bullish Yen sentiment seen across the markets today – EURJPY is likely to fall further toward the next support level 117.500 (standing midway between the key support level 116.500 and the aforementioned resistance level 119.000).