Forex: EUR/JPY drops below 117.50 to 4-day lows

FXstreet.com (San Francisco) - The EURJPY has come under renewed selling pressure after markets in Tokyo and Sydney have opened, having just broken below overnight support at 117.60 to reach new 4-day lows sub-117.50, last quoted at 117.40. Immediate support is noted at 117.05 (78.6% Fibo), then 116.70 (200-hr EMA) and 115.93 (2 Jan high). Bullish recoveries may find resistance at 118.25 (intraday), 118.85 (14 Jan low).