EURJPY recently reversed up from the key, multi-month support level 124.300 (multi-month high from the start of June, acting as the support after it was broken by the previous sharp upward impulse wave (v)). Given the sharp daily uptrend and the strongly bearish yen sentiment seen across the currency markets today – EURJPY is likely to extend the gains toward the next resistance level 125.500 (former top of the previous shortterm impulse wave (iii)).