There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
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).
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.