EUR/JPY broke key resistance zone
Next buy targets - 120.00 and 122.00
EUR/JPY continues to rise after the earlier breakout of the key resistance zone lying at the intersection of the powerful resistance level 118.00 (which also reversed the previous A-wave in July) and the 50% Fibonacci correction of the previous sharp downward impulse form April. The breakout of this resistance zone accelerated the active C-wave of the intermediate ABC correction (2) from June.
EUR/JPY is likely to rise to the next buy target at the resistance level 120.00 – the breakout of which can lead to further gains toward the next strong resistance level 122.00 (top of the previous wave 4 from June). And if the pair will not climb this is a possible scenario .
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