• EURJPY reversed from support level 3.7500
• Likely to rise to resistance level 4.080
Natural gas recently reversed up from the key support level 3.7500 (which has been reversing the pair from August, as can be seen from the daily Natural gas chart below). The upward reversal from the support level 3.7500 stopped the previous short-term correction (b).
Given the improving sentiment that can be seen across the commodity markets today and the oversold reading on the daily Stochastic indicator, Natural gas can be expected to rise further toward the next resistance level 4.080 (top of the previous short-term correction (a) from the start of December).