FxWirePro: EUR/JPY breaks below 78.6% Fib at 123.38, targets 122

• EUR/JPY is retreating from last week’s tops just above 128.00, and downside has broken below 78.6% Fib retrace of 122.05 to 128.22 rise at 123.37.
   
• Momentum studies continue to show further downside, pair on track to test 122 levels.
   
• Immediate support on the downside is seen at 122.76 (88.6% Fib retrace of 122.05 to 128.22 rise), 122.55 (Apr 7th lows), 122.45 (Feb 24th lows) and then 122 (Mar 1st lows).
   
• On the upside resistances are located at 123, the 123.97 (5-DMA) and then 124.
   
• Our call (http://www.econotimes.com/FxWirePro-EUR-JPY-downside-pauses-at-618-Fib-momentum-still-with-the-bears-190769) has hit all targets.
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Recommend booking partial profits, lower stops to 124, target 122.45/122