EURJPY Wave Analysis – 2 November, 2022

• EURJPY reversed from multi-year resistance level 148.00

• Likely to fall to support level 144.00

EURJPY currency pair recently reversed down from the multi-year resistance level 148.00 (which stopped the sharp uptrend in 2014), standing above the upper weekly Bollinger band.

The downward reversal from the resistance level 148.00 stopped the earlier sharp upward impulse wave (3) from January.

Given the strength of the resistance level 148.00 and the overbought weekly Stochastic, EURJPY can be expected to fall further toward the next support level 144.00 (which reversed the pair in the middle of this year).