EURJPY - More correction

EURJPY (1H) - short term bearish bias

The euro continues to grind its way down as more sellers joined the bearish trend. The downward sloping moving averages are clear indication that sentiment is still pessimistic. These averages would keep the price in check as strong resistance overhead. As the correction deepens, we would expect the pair to drop towards the daily trend line around 121.00. This psychological level will be buyers' stronghold to keep the 5-month-long rally intact.

Key support: 121.00
Key resistance: 121.90