Categories: Technical analysis

EURJPY Wave Analysis 16 February, 2021

• EURJPY rising inside impulse wave C

• Likely to test resistance level 130.00

EURJPY continues to rise steadily after the price broke the powerful multi-month resistance level 127.30 (which has been reversing the price from last September – as can be seen below).

The breakout of the resistance level 127.30 accelerated the active impulse wave C of the ABC correction (2) from last May. Given the clear daily uptrend – EURJPY is likely to rise further toward the next resistance level 130.00 (target price for the completion of the active impulse wave C

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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