EURJPY Wave Analysis – 16 July, 2020

• EURJPY broke resistance level 122.00

• Likely to rise to 123.00

EURJPY continues to rise inside the sharp impulse wave 3 – which previously broke through the resistance level 122.00 (which stopped the previous waves B and 1).

The breakout of the resistance level 122.00 coincided with the breakout of the 50% Fibonacci correction of the previous ABC correction (B) from the start of June.

EURJPY is likely to rise further toward the next resistance level 123.00. Strong support now remains at the support level 122,00.