Technical analysis of EURNZD
EUR/JPY rising inside minor impulse wave 5
- EUR/JPY rising inside minor impulse wave 5
- Next buy target - 131.30
EUR/JPY recently reversed up strongly from the combined support zone lying between the key support level 128.00, lower daily Bollinger Band, 38.2% Fibonacci correction of the upward price impulse from the middle of June and the upper trendline of the recently broken wide weekly up channel from 2016 (acting as support after it was broken). The upward reversal from this support zone started the active impulse wave 5. EUR/JPY is expected to rise to next buy target at the next resistance level 131.30 (high of the previous wave (b) from the start of August).
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...
GBP/JPY reversed from resistance zone Next sell target - 149…
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