• EURJPY reversed from resistance level 126.60
• Likely to fall to 124.00
EURJPY recently reversed down from the powerful multi-month resistance level 126.60 (top of wave 2 from the start of 2019) – standing close to the upper weekly Bollinger Band and the 50% Fibonacci correction of the weekly downtrend from 2018.
The downward reversal from the resistance level 126.60 stopped the previous sharp upward impulse wave (C).
With the overbought weekly Stochastic – EURJPY is likely to fall further toward the next support level 124.00 (former strong resistance level from June).
Europe will switch to daylight saving time next week. Key events include the RBA's rate…
The US dollar showed a hesitant upward trend, facing resistance as it approached technical obstacles.
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