EUR/JPY: buy target - 134.00
By: Dmitriy Chernovolov
- EUR/JPY reversed from pivotal support level 132.00
- Next buy target - 134.00
EUR/JPY recently reversed up from the pivotal support level 132.00 (which previously reversed wave (i) in September and which has been repeatedly reversing the price from the end of October, as you can see below). The upward reversal from this support zone stopped the active impulse wave (iii) – which is a part of the C-wave of the intermediate ABC correction (2) from the start of June.
Given the strength of the support level 132.00 and the fact that the daily Stochastic indicator is still moving in the oversold territory - EUR/JPY can be expected to rise further from the current levels toward the next buy target at the resistance level 134.00.