EURJPY Wave Analysis – 01 March, 2019

• EURJPY broke resistance area
• Further gains are likely

EURJPY recently broke the resistance area lying between the key resistance level 127.00 (former strong support from October) and the 61.8 Fibonacci correction of the previous downward impulse (C) from September.

The breakout of this resistance area accelerated the active short-term impulse wave 3 of the medium-term impulse wave (3) from January.

EURJPY is expected to rise further and re-test the next resistance level 129.00 (top of waves 4 and (ii) from November and December).