• EURJPY reversed from support zone
• Further gains are likely
EURJPY continues to rise after the previous sharp upward reversal from the support zone lying between the key support level 125.00 – intersecting with the lower daily Bollinger Band.
The upward reversal form this support zone completed the earlier short-term correction (c) of the ABC correction 2 from July.
Given the oversold reading on the daily Stochastic indicator – EURJPY is likely to rise further and re-test the next resistance level 126.60 (former monthly low from June).