EUR/JPY declines as we speak after failing to reach and retest the broken uptrend line. Technically, the pair was expected to develop a downside movement after escaping from the major up channel.
The breakdown through the uptrend line followed by the sharp drop signals that EUR/USD is into a corrective phase, so it could give birth to a new downtrend.
As you can see, the price has decreased as much as 125.12 level in the first instance, but now it has tried to recover a little after the last decline developing a minor up channel pattern. Breaking down from this minor up channel signal a further drop ahead.
Dropping from the minor up channel's body, below the minor uptrend line, suggests selling EUR/JPY with a first downside target at 125.00 psychological level.
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