EURJPY Wave Analysis 1 March, 2021

• EURJPY reversed from resistance level 130.00

• Likely to reach support level 127.30

EURJPY recently reversed down from the resistance level 130.00 (previous upward target) – intersecting with the resistance trendline of the daily up channel from November.

The downward reversal from the resistance level 130.00 started the active minor correction (ii).

EURJPY is likely to fall further toward the next support level 127.30 (low of the previous correction iv and the target for the completion of the active wave (ii)).