– 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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