EURJPY recently reversed up sharply from the support area lying between the key support level 121.00 (which stopped the previous medium-term ABC correction (2)) and the lower daily Bollinger Band.
The upward reversal from this support area started the active short-term impulse wave 3 – which belongs to the impulse wave (3) from May.
EURJPY is expected to rise further in the active impulse waves 3 and (3) and retest the next resistance level 123.00 (top of wave 1).
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