FxWirePro: EUR/JPY recovers from multi-year lows at 116.95, bias lower, good to sell rallies

• EUR/JPY slumps over 250 pips on the day, following the decision by the Bank of Japan to keep its policy unchanged.
   
• The pair hit new multi-year lows of 116.95 and has since pared some losses to currently trade around 117 levels.
   
• Our previous call (http://www.econotimes.com/FxWirePro-EUR-JPY-rejected-at-stiff-trendline-resistance-by-11935-good-to-sell-rallies-221990) has hit all targets. 
   
• Techs heavily bearish, fundamentals also support downside. Run-up to the Brexit referendum to keep demand for the safe-haven Yen.
   
• Downside sees strong support at 117 levels (trendline and Jan 17th & 23rd 2013 low).
   
• Break below will see next support at 116.47 (Jan 16th 2013 low) and then 114.76 (Jan 10th 2013 low).
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Recommendation: Book partial profits, stay short, lower trailing stop to 118. Fresh shorts can also be entered at rallies, TP: 116.45/ 116