EURJPY Wave Analysis – 31 July, 2020

• EURJPY broke key resistance level 124.30

• Likely to rise to 126.00

EURJPY today broke above the key resistance level 124.30 (which stopped the previous waves (A) and (i) – as can be seen from the daily EURJPY chart below.

The breakout of the resistance level 124.30 should accelerate the active short-term impulse wave 3 – which belongs to the medium-term impulse wave (C).

EURJPY is expected to rise further toward the next resistance level 126.00 (target price for the completion of the active impulse wave 3).