EURJPY Wave Analysis 1 August 2023

– EURJPY reversed from support level 152.00

– Likely to rise to resistance level 158.00

EURJPY currency pair recently reversed up from the key support level 152.00 (former multi-month high from May, acting as support after it was broken in June).

The support level 152.00 was strengthened by the lower daily Bollinger Band and by the two intersecting Fibonacci corrections – 61.8% and 50% of the previous upward impulses from May and June.

Given the clear daily uptrend and the continued yen sales, EURJPY currency pair can be expected to rise further toward the next resistance level 158.00 (top of the previous correction b).