EURJPY continues to fall inside the sharp impulse wave (iii) – which belongs to the downward impulse sequence 3 from the end of March (which is also a part of the strong downward impulse wave (C) from the middle of January). Given the moderately bearish sentiment affecting the Euro today – EURJPY is likely to extend the losses toward the next support level 116.300 (which reversed the previous impulse waves 1 and (i)) – from where the price is likely to correct up.