EURJPY Wave Analysis 16 December, 2020

• EURJPY reversed from support level 125.800

• Likely to rise to 126.80

EURJPY today reversed up from the multi-candle support level 125.800 (former resistance from September, which has been reversing the price from the start of December).

The upward reversal from the support level 125.800 is likely to create the daily reversal pattern Bullish Engulfing – if the pair closes today near the current levels.

EURJPY is expected to rise further toward the next resistance level 126.80 (top of the previous wave 2, which reversed the price twice in August).