EURJPY Wave Analysis – 24 August, 2020

• EURJPY reversed from support zone

• Likely to rise to 126.50

EURJPY recently reversed up from the support zone located between the key support level 124.40 (former resistance from April) and the 50% Fibonacci correction of the upward impulse 5 from June.

The upward reversal from this support zone continues the active multi-month uptrend from the start of May.

EURJPY is likely to rise further toward the next resistance level 126.50 (top of the previous short-term impulse wave 5).