Technical analysis

EURJPY Wave Analysis 19 March, 2021

EURJPY Wave Analysis 19 March, 2021

• EURJPY reversed from resistance level 130.70

• Likely to reach support level 129.00

EURJPY currency pair recently reversed down from the resistance level 130.70 intersecting with the upper daily Bollinger Band.

The resistance area near the resistance level 130.70 was further strengthened by the resistance trendline of the daily up channel from last November.

Given the rising yen bullishness seen today – EURJPY is likely to fall further toward the next support level 129.00 (target price for the completion of the active corrective wave (ii)).

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