LeoPrime Daily Market Analysis

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EURJPY reversed from 119.600 support area; Likely to rise to 121.000

EURJPY recently reversed up with the daily Japanese candlesticks reversal pattern Doji from the support area lying between the key support level 119.600 (former strong support from November), lower daily Bollinger Band and the 50% Fibonacci retracement of the earlier extended upward impulse from September. With the strong bearish sentiment affecting Japanese Yen at the moment, EURJPY is likely to rise further in the active impulse waves 3 and (C) toward the next resistance level 121.000 (which reversed the price sharply at the start of February).

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