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FxPro Forex Analysis: EURJPY Wave Analysis – June 1, 2018

EUR/JPY reversed from support zone
• Further gains are likely

EUR/JPY recently reversed up sharply from the support zone lying between the major support level 125.00 (former key resistance level from May and June of 2017), support trendline of the daily down channel from February and the lower daily Bollinger Band.

The upward reversal from this support zone completed the previous primary ABC correction ② from February – which belongs to the multi-month impulse sequence from June of 2017.

Having recently broken the resistance level 127.00 – EUR/JPY is likely to continue to rise toward the next powerful resistance level 129.50 (former strong support from March).

EURJPY - Primary Analysis - Jun-01 1259 PM (1 day)

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