EUR/JPY: buy target - 138.00
By: Dmitriy Chernovolov
- EUR/JPY reversed from support zone
- Next buy target - 138.00
EUR/JPY recently reversed up from the combined support zone lying between the support level 135.40 (which stopped the previous B-wave, as you can see from the daily EUR/JPY chart below), the former resistance trendline of the recently broken daily Triangle (acting as support now after it was broken by the previous C-wave) and the 61.8% Fibonacci Correction of the previous intermediate ABC correction (2).
Given the strength of the aforementioned support zone - EUR/JPY can be expected to correct further up to the next buy target at the resistance level 138.00.