EURJPY Wave Analysis 16 July 2024

– EURJPY reversed from pivotal support level 171.35

– Likely to rise to resistance level 175.40

EURJPY currency pair recently reversed up from the pivotal support level 171.35, which has been reversing the price from the end of April.

The support level 171.35 was strengthened by the nearby 50 % Fibonacci correction of the previous sharp upward impulse from last month.

Given the strong daily uptrend, EURJPY currency pair can be expected to rise further to the next resistance level 175.40 (which reversed the price earlier this month).