EURJPY Wave Analysis – 21 August, 2020
August 21, 2020 @ 17:23 +03:00
• EURJPY reversed from resistance level 126.60
• Likely to fall to 124.00
EURJPY recently reversed down from the powerful multi-month resistance level 126.60 (top of wave 2 from the start of 2019) – standing close to the upper weekly Bollinger Band and the 50% Fibonacci correction of the weekly downtrend from 2018.
The downward reversal from the resistance level 126.60 stopped the previous sharp upward impulse wave (C).
With the overbought weekly Stochastic – EURJPY is likely to fall further toward the next support level 124.00 (former strong resistance level from June).