EURJPY Wave Analysis 17 January 2024

– EURJPY reversed from key support level 158.40

– Likely to rise to resistance level 162.00

EURJPY currency pair recently reversed up from the key support level 158.40 (former resistance from last month, acting as the support after it was broken).

The support level 158.40 was strengthened by the 38.2% Fibonacci correction of the previous sharp upward impulse from December.

Given the strong daily uptrend and widespread euro optimism, EURJPY can be expected to rise further to the next resistance level 162.00.