EURJPY recently reversed down from the resistance zone located between the key resistance level 121.000 and the 38.2% Fibonacci retracement of the previous short-term downward impulse wave (i) from the start of June. The downward reversal form the aforementioned resistance zone started the active impulse wave (iii). Given the strong bullish yen sentiment seen today – EURJPY is likely to extend the losses toward the next support level
119.300 (low of the previous short-term wave (i)).