• EURJPY reversed from support area
• Likely to rise to resistance level 132.70
EURJPY currency pair recently reversed up from the support area lying between the key support level 131.00 (which reversed the pair at the start of May) and the lower daily Bollinger Band. The upward reversal from this support area created the daily candlesticks reversal pattern Bullish Engulfing – which stopped the previous intermediate ABC correction 4.
Given the strength of the active uptrend, EURJPY currency pair can be expected to rise further toward the next resistance level 132.70 (former low of wave (iv) from the start of May).