EURJPY recently reversed down from the resistance zone lying between the key resistance level 117.000 (former key support from March and April), 50% Fibonacci correction of the previous sharp downward impulse from April and the resistance trendline of the narrow down channel from last month. With the moderately bullish Japanese yen sentiment seen across the markets today, coupled with moderate bearishness toward the euro – EURJPY is likely to extend the losses toward the next support level 114.600 (which stopped the earlier impulse wave 3)