EURJPY Wave Analysis 20 May 2024

– EURJPY broke resistance level 169.40

– Likely to rise to resistance level 171.00

EURJPY is currency under the bullish pressure after the recent breakout of the minor resistance level 169.40, which reversed the price last week.

The breakout of the resistance level 169.40 accelerated the active impulse wave iii, which belongs to the higher order impulse waves 3 and (5).

Given the clear daily uptrend and the continuation of the widespread yen sales, EURJPY can be expected to rise further to the next resistance level 171.00, intersecting with the daily up channel from January.