EURJPY - Bias remains midly bearish

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TODAY ONLY

EURJPY - Intraday - We look to Sell at 122.00 (stop at 122.30)

Continued downward momentum from 123.36 resulted in the pair posting net daily losses yesterday. The previous swing low is located at 120.78. We have a 78.6% Fibonacci pullback level of 120.68 from 118.82 to 127.50. Price action has formed an expanding wedge formation. The medium term bias remains bullish. There is scope for mild buying at the open but gains should be limited. Although the anticipated move lower is corrective, it does offer ample risk/reward today. Intraday signals are far from strong.
Our profit targets will be 120.70 and 119.70

Resistance: 122.00 / 122.05 / 123.11
Support: 120.68 / 119.70 / 118.82