The EUR/JPY, popular ‘Yuppy’ has formed a zig-zag downtrend, and we can see a retracement straight towards the POC zone.
Rejections from 121.10-36 could show fresh sellers within the zone. However, we should see a confirmation in the next couple of hours. On a successful rejection, the pair should reach 120.81 followed by 121.47 and 120.15. On a powerful bearish impulse, we could also see 119.92. At this point, the upside is limited to 121.60, but as explained, ideally the pair needs to stay below 121.36 for bears to dominate.
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