Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURJPY reversed from support level 137.90
• Likely to rise to resistance level 142.60
EURJPY recently reversed up from the support level 137.90 (former monthly low from September), intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 137.90 created the second consecutive Japanese candlesticks reversal pattern Piercing Line.
EURJPY can be expected to rise further toward the next resistance level 142.60 (which stopped the previous waves 4 and (B)).
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