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EUR/JPY reversed from support area

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  • EUR/JPY reversed from support area
  • Next buy target - 126.70

EUR/JPY recently reversed up from the combined support area located between the pivotal support level 125.00 (which stopped the previous downward impulse in (1) in May, as can be seen below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous minor impulse wave 3. Given the oversold reading on the daily Stochastic indicator - EUR/JPY is expected to rise further toward the next buy target at the next resistance level 126.70.

 

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