EURJPY Wave Analysis – 16 May 2023

• EURJPY reversed from support level 146.50

• Likely to rise to resistance level 149.00

EURJPY recently reversed up from the key support level 146.50 (former strong resistance from November and December).

The upward reversal from the support level 146.50 formed the daily Piercing Line, which stopped the (b)-wave of the active ABC correction (b).

Given the clear daily uptrend and the continuation of the strong yen sales from yesterday, EURJPY can be expected to rise toward the next resistance level 149.00 (top of the previous short-term correction (a)).