EURJPY Wave Analysis 15 August 2024

– EURJPY broke resistance area

– Likely to rise to resistance level 164.90

EURJPY currency pair just broke the resistance area located between the resistance level 162.50 and the 61.8% Fibonacci correction of the earlier sharp downward impulse (c) from the end of July.

The breakout of this resistance area is aligned with the clear multi-month uptrend visible on the weekly EURJPY charts.

Given the strengthening of the bearish yen sentiment, EURJPY currency pair can be expected to rise further toward the next resistance level 164.90 (former low of wave (a) from the end of July).