EURJPY Wave Analysis – 11 August, 2020

• EURJPY reversed from key support level 124.30

• Likely to rise to 125.60

EURJPY recently reversed up sharply from the key support level 124.30 (former powerful resistance from the start of June), intersecting with the 50% Fibonacci retracement of the previous impulse wave (i).

The upward reversal from the support level 124.30 continues the active upward impulse sequence 3 from the start of July.

EURJPY is likely to rise further toward the next resistance level 125.60 (former top of the earlier impulse wave (i)).