• EURJPY reversed from support level 138.00
• Likely to rise to resistance level 140.00
EURJPY currency pair recently reversed up with the Bullish Engulfing from the key support level 138.00, standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from May.
The upward reversal from the support level 138.00 started the active minor impulse wave (iii) – which belongs to wave C from May.
Given the clear daily uptrend, EURJPY can be expected to rise further toward the next resistance level 140.00.
Source: Fxpro
