EURJPY Wave Analysis – 07 March, 2019

• EURJPY reversed from resistance area
• Further losses are likely

EURJPY continues to fall inside the short-term correction 2 – which started earlier from the resistance area lying between the key resistance level 127.00 (former multi-month support from October) and the 61.8% Fibonacci correction of the previous downward impulse from September.

The downward reversal from the aforementioned resistance area created the daily Japanese candlesticks reversal pattern Evening Star.

EURJPY is expected to fall further and re-test the next support level 124.00 (low of previous waves (ii) and (2) from February).