Technical analysis

EURJPY Wave Analysis 10 January 2024

– EURJPY broke key resistance level 158.40

– Likely to rise to resistance level 160.95

EURJPY currency pair recently broke through the key resistance level 158.40 (which stopped the previous waves 1 and b, as can be seen below) intersecting with the 50% Fibonacci correction of the downward impulse from November.

The breakout of the resistance level 158.40 accelerated the active short-term impulse wave 3 of the intermediate impulse (5) from December.

Given the clear daily uptrend and the strongly bearish yen sentiment, EURJPY can be expected to rise further to the next resistance level 160.95.

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