EURJPY Wave Analysis 16 September 2024

– EURJPY reversed from support zone

– Likely to rise to the resistance level 157.40

EURJPY currency pair recently reversed up from the powerful support zone located between the long-term support level 154.85 (which has been reversing the price from last year) and the lower daily Bollinger Band.

The upward reversal from this support zone is likely to form the daily Japanese candlesticks reversal pattern Piercing Line.

Given the strength of the nearby support zone and the still oversold daily Stochastic, EURJPY currency pair can be expected to rise further to the next resistance level 157.40.