- EURJPY reversed from long-term support level 115.80
- Likely to rise to 116.50
EURJPY recently reversed up from the support area lying between the long-term support level 115.80 (which stopped the sharp downtrend in September) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the earlier impulse wave (iii) – which belongs to the longer term impulses 3 and (3).
Given the oversold daily Stochastic – EURJPY is expected to rise further toward the next resistance level 116.50 (former support from March).