FxWirePro: EUR/JPY sees tepid recovery from 3-year low at 121.05, bias lower, good to sell rallies

• Euro slumped on Thursday as ECB left policy unchanged and revised its economic and inflation forecast for 2016.
   
• BoJ member, Takehiro Sato, criticized BoJ's negative interest-rate policy and said that the central bank should go slow in trying to achieve its 2% inflation target. 
   
• Comments reduced expectations of further stimulus from the BoJ and boosted the Japanese Yen. 
   
• EUR/JPY is attempting a tepid recovery from 3-year low of 121.05 hit on Thursday and is poised for further downside.
   
• Techs support further downside, momentum studies weak, Stochs biased lower.
   
• The pair has broken major trendline support at 121.30 and finds next support at 119.75 ahead of 119.11 and then 118.71.
   
• Resistance on the upside is seen at 122, 122.45 (May 6th highs) and then 122.42 (5-DMA).
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Recommendation: Good to sell rallies around 121.30/40, SL: 122, TP: 121/119.75/119