The EURJPY never traded through 12012 and dropped to 11765 this morning. Given the run since 11/13 (5 waves up), weakness may very well extend to the former 4th wave low at 11354. Estimated resistance is now 11855-11905 and the next potential support (on a break below 11765) is 11595 (1/2 high). I’ll be using the mentioned levels to trade the expected range.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.