EURJPY Wave Analysis – 10 September, 2020

• EURJPY reversed from support zone

• Likely to rise to 127.00

EURJPY recently reversed up from the support zone lying between the key support level 124.35 (former monthly high from June), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous upward impulse from June.

The upward reversal from this support zone started the active short-term impulse wave (v)  – which belongs to the sharp upward impulse C from June.

EURJPY is likely to rise toward the next resistance level 127.00 (top of the previous upward impulse wave (iii) from August).