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EURJPY reversed from support zone; Likely to rise to resistance level 130.000.

EURJPY currency pair recently reversed up strongly from the support zone lying between the pivotal support level 128.000 (which has been reversing the price from the start of March, as can be seen from the daily EURJPY chart below), lower daily Bollinger band and the 61.8% Fibonacci correction of the upward impulse from January. The upward reversal from this support zone stopped the previous intermediate ABC correction (2). Given the strength of the aforementioned support zone and the rising bearish yen sentiment, EURJPY currency pair can be expected to rise further toward the next resistance level 130.000.

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