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 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).
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