EURJPY currency pair can be expected to rise further to the next resistance level 183.00 (former strong support from May and July).
- EURJPY reversed from support zone
- Likely to rise to resistance level 183.00
EURJPY currency pair recently reversed up from support zone between the key support level 181.00 (former monthly low from February, as can be seen from the daily EURJPY below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which stopped the earlier minor impulse wave i – which belongs to the downward impulse wave C of the multi-month downward ABC correction (2) from April.
Given the strength of the support level 181.00 and the rising bearish yen sentiment seen across the FX today, EURJPY currency pair can be expected to rise further to the next resistance level 183.00 (former strong support from May and July).
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