• EURJPY reversed from support area
• Likely to reach resistance level 130.00
EURJPY currency pair recently reversed up from the combined support area lying between the support level 128.40 (former resistance from February – which has been reversing the pair from the start of March), lower daily Bollinger Band, support trendline of the daily up channel from January and the 50% Fibonacci correction of the upward impulse from February. The upward reversal from this support area stopped the previous minor corrective wave (iv).
Given the prevailing uptrend and the strongly bearish yen sentiment seen today – EURJPY currency pair can be expected to rise further in the active impulse waves (v) and 3 toward the next resistance level 130.00 (former monthly high from February).