EURJPY has reversed sharply lower, having rallied above the 61.8% Fibonacci retracement level of the January-March downtrend only a week ago. The sell-off continues today, with prices tumbling below the 23.6% Fibonacci of 117.71. According to momentum indicators, the selling pressure is likely to persist in the near term as the RSI is trending lower in bearish territory, while the MACD has just turned negative and is attempting to cross below its red signal line. The bearish bias means EURJPY could soon be revisiting the 117 region, with a slip below this proven support likely to shift attention to the lower ... (full story)