EURJPY Wave Analysis – 20 January, 2023

 • EURJPY reversed from support level 137.90

• Likely to rise to resistance level 142.60

EURJPY recently reversed up from the support level 137.90 (former monthly low from September), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 137.90 created the second consecutive Japanese candlesticks reversal pattern Piercing Line.

EURJPY can be expected to rise further toward the next resistance level 142.60 (which stopped the previous waves 4 and (B)).