EURJPY Wave Analysis – 28 July, 2020

• EURJPY reversed from resistance level 124.30

• Likely to fall to 122.84

EURJPY recently reversed down from the resistance level 124.30 (which stopped the previous corrective (A)-wave at the start of July) – standing above the upper daily Bollinger band.

The downward reversal from the resistance level 124.30 started the active short-term correction 4.

Given the overbought daily Stochastic – EURJPY is likely to fall further toward the next support level 122.84 (low of the previous daily Hammer).