• EURJPY broke support area
• Likely to fall to support level 131.00
EURJPY currency pair recently broke the support area lying between the key support level 132.70 (which has been reversing the price from the end of May), lower support trendline of the daily up channel rom March and the 50% Fibonacci correction of the upward impulse from the start of May. The breakout of this support area accelerated the active short-term impulse wave (c) of the ABC correction 4.
Given the strongly bullish yen sentiment seen today – EURJPY currency pair can be expected fall further toward the next support level 131.00 (target price for the completion of the active ABC correction 4).