Given the clear daily uptrend and the bearish yen sentiment seen today, EURJPY currency pair can be expected to rise to the next resistance level 188.00 (which stopped the previous minor impulse wave iii).
- EURJPY reversed from support zone
- Likely to rise to resistance level 188.00
EURJPY currency pair recently reversed up from the support zone between the pivotal support level 186.20 (former strong resistance January and February, acting as the support now after it was broken earlier in April, month, as can be seen from the daily EURJPY chart below) ,20-day moving average and the 50% Fibonacci correction of the upward impulse from the start of April. The upward reversal from this support zone continues the active impulse wave 3 of the intermediate impulse wave (5) from July.
Given the clear daily uptrend and the bearish yen sentiment seen today, EURJPY currency pair can be expected to rise to the next resistance level 188.00 (which stopped the previous minor impulse wave iii).
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