LeoPrime Daily Market Analysis

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EURJPY reversed from support level 138.000; Likely to rise to resistance level 141.000.


EURJPY currency pair recently reversed up with the daily Hammer from the pivotal support level 138.000(former monthly low from June, as can be seen below) – strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from May. The upward reversal from the support level 138.000 started the active minor impulse wave (iii).
Given the predominantly bearish yen sentiment seen across the currency markets lately, EURJPY currency pair can be expected to rise further toward the next resistance level 141.000.

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