• EURJPY reversed from support level 131.00
• Likely to rise to resistance level 132.40
EURJPY currency pair recently reversed up from the key support level 131.00 (former resistance from the end of April – acting as support after it was broken by the previous upward impulse wave (iii)), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse (iii) from last month. The upward reversal from the support level 131.00 started the active impulse wave (v).
Given the powerful multi-month uptrend – EURJPY currency pair can be expected to rise further toward the next resistance level 132.40 (which stopped the previous impulse wave (iii) in April).