EURJPY recently reversed up from the strong support zone lying between the long-term support level 114.800 (yearly low from 2017) and the lower weekly Bollinger Band. The upward reversal from this support zone created the daily candlestick reversal pattern Piercing Line. With the strongly bearish yen sentiment seen across the markets today – EURJPY is likely to extend the gains toward the next resistance level 116.600 (the target price for the completion of the active daily corrective wave (iv) from the start of May).