EUR/USD reversed from support zone Next buy target - 1…
EUR/JPY rising in impulse wave (iii)
- EUR/JPY reversed from support zone
- Next buy target - 134.50
EUR/JPY recently reversed up with the daily Hammer from the support zone lying between the support level 131.60 (former resistance from August), 38.2% Fibonacci correction of the previous upward impulse (i) and the 30-day moving average. The upward reversal from this support zone started the active minor impulse wave (iii), which belongs to the impulse 5 of the intermediate impulse wave (3) from April. EUR/JPY is expected to rise to the next buy target at the next resistance level 134.50 (top of the previous impulse (i)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.