Technical analysis

EURJPY Wave Analysis 19 March 2024

– EURJPY broke pivotal resistance level 163.40

 – Likely to rise to resistance level 164.35

EURJPY today broke above the pivotal resistance level 163.40 (which stopped the previous waves 3 and (b), as can be seen from the daily EURJPY chart below).

The breakout of the resistance level 163.40 continues the active minor impulse wave 5 of the intermediate impulse wave (5) from the start of December.

Given the clear daily uptrend, EURJPY currency pair can be expected to rise further toward the next resistance level 164.35 (top of wave (3) from November) – followed by 166.00.

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