• EURJPY reversed from support zone
• Likely to rise to resistance level 129.50

EURJPY currency pair recently reversed up from the support zone lying at the intersection of the pivotal multi-month support level 128.00 (which has been reversing the price from the middle of August) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – strong buy signal for this currency pair.

Given the strength of the nearby support zone and the reversal of the earlier bullish yen sentiment , EURJPY currency pair can be expected to rise further toward the resistance level 129.50 (top of the previous medium-term correction (4)).