EURJPY Wave Analysis – 17 April, 2020

• EURJPY falling inside impulse wave (iii)
• Likely to fall to 116.20

EURJPY continues to fall inside the strong short-term impulse wave (iii) which started earlier from the key resistance level 119.00, intersecting with the 50% Fibonacci correction of the downward impulse (i) from March.

The active impulse wave (iii) belongs to medium-term downward impulse sequence (3) from the middle of January.

EURJPY is expected to fall further toward the next support level 116.20 (low of the earlier impulse waves 1 and (i)).