The EUR/JPY pair dipped shortly below 117.69. The final dip is likely to advance to 116.73 before the decline from 127.50 bottoms. Only a direct break above minor resistance at 118.58 will ease the downside pressure but we still need a break above resistance at 119.88 to confirm a bottom being in place for a rally higher to 121.38 and above.
We remain long EUR from 118.40 with our stop placed at 116.40
The material has been provided by InstaForex Company – www.instaforex.com