EURJPY short to at least 122.478

Euro Fx/Japanese Yen FX:EURJPY

I see EURJPY continuing to go down. At first to 122.478, which is coincides with the fibonacci -0.27 level.

This is also a support/resistance level from the beginning of the year.

On the daily timeframe there is also a bearish engulfing candlestick pattern, this, barring any big changes in the evening should stay this way. Since, this is a fairly strong trend confirmation, I am going into a short position.

After this it will probably consolidate at the 122.478 level for a while, since the next big market mover will, most likely be the European parliamentary elections. From there it could go either way, depending on the outcome

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