• EURJPY reversed from key support level 127.60
• Likely to fall to resistance level 128.75

EURJPY currency recently reversed up from the key support level 127.60 (which reversed the pair multiple times from the start of November), standing near the lower daily Bollinger Band. The downward reversal from the support level 127.60 stopped the previous intermediate ABC correction (2).

Given the strongly bearish yen sentiment that can be observed across the currency markets today and the bullish divergence on the daily Stochastic indicator, EURJPY currency pair can be expected to rise further toward the next resistance level 128.75 (which has been reversing the pair from last month).