EUR/JPY reversed from support area

EUR/JPY reversed from support area

  • EUR/JPY reversed from support area
  • Next buy target - 134.50

EUR/JPY today reversed up sharply from the combined support area lying between the strong support level 131.60, lower daily Bollinger Band, 30-day moving average and the 38.2% Fibonacci correction of the intermediate upward impulse (3) from August and the support trendline of the daily up channel from June. The upward reversal from this support zone completed the previous ABC correction (4). EUR/JPY is expected to rise to the next buy target at the next resistance level 134.50 (top of the wave (3)).



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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