• EURJPY reversed from support zone
• Likely to rise to resistance level 130.00

EURJPY currency pair recently reversed up from the support zone lying between the key support level 128.8 (which has been reversing the price from March of this year as can be seen from the daily EURJPY chart below) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the earlier minor intermediate ABC correction (2) wave from the end of October.

Given the strength of the aforementioned support zone and the rising yen outflows, EURJPY currency pair can be expected to rise further toward the next resistance level 130.00.