EUR/JPY reversed from support zone
By: Dmitriy Chernovolov
- EUR/JPY reversed from support zone
- Next buytarget - 126.00
EUR/JPY continues to rise inside the minor corrective wave 2, which started previously – when the pair reversed up from the support zone lying between the pivotal support level 122.00 (previous sell target set in our earlier forecast for this currency pair) and the lower daily Bollinger Band. The aforementioned support level 122.00 previously stopped the three progressively smaller-degree impulse waves - ①, (1) and 1, as can be seen from the daily EUR/JPY chart below.
EUR/JPY is likely to rise further in the active minor correction 2 toward the next buy target at the resistance level 126.00 (which reversed the earlier intermediate ABC correction (2)).