EURJPY Wave Analysis 18 December, 2020

• EURJPY reversed from key resistance level 127.00

• Likely to fall to 125.800

EURJPY recently reversed down from the key resistance level 127.00 (which stopped the previous sharp uptrend at the start of September) standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 127.00 stopped the previous strong upward correction 2 from October.

Given the overbought Stochastic – EURJPY is expected to fall further toward the next support level 125.800 (which has been reversing the pair from the start of December).