EURJPY today approached the key support area lying between the multi month support level 115.800 (which previously stopped the sharp weekly downtrend in September of 2019) and the lower weekly Bollinger Band. The upward reversal from the support level 115.800 stopped the previous impulse waves 3 and (3). Given the strength of the support level 115.800 – EURJPY is likely to correct up toward the next resistance level 116.77. In the alternative scenario – if the pair breaks the support level 115.800 – EURJPY will likely test the next support level 114.800.