EUR/JPY: buy target - 127.30
By: Dmitriy Chernovolov
- EUR/JPY rising inside minor corrective wave 2
- Next buy target - 127.30
EUR/JPY continues to rise inside the minor corrective wave 2 – which started earlier – when the price reversed up from the support zone lying between the support level 125.00 and the 50% Fibonacci correction of the previous sharp ABC correction (4) from the end of February. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer Doji – which started the active minor corrective wave 2.
EUR/JPY is likely to rise further in the active minor correction 2 toward the next buy target at the resistance level 127.30 (which stopped the previous intermediate correction (4)). Strong support remains at 125.00.