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EURJPY Wave Analysis 19 March, 2021

The FxPro Tech Analysis Team
EURJPY Wave Analysis 19 March, 2021

Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images

• 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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