EURJPY Wave Analysis 20 February 2024

– EURJPY broke resistance level 161.80

– Likely to rise to resistance level 164.00

EURJPY currency pair continues to rise steadily after the price broke the resistance level 161.80 (which stopped the previous minor impulse wave 1 in the middle of January).

The breakout of the resistance level 161.80 accelerated the active short-term impulse wave iii of the higher order intermediate impulse wave (5).

Given the predominant daily uptrend, EURJPY currency pair can be expected to rise further to the next resistance level 164.00, which stopped sharp wave (3) in November.