Technical analysis

EURJPY Wave Analysis 22 August 2023

– EURJPY reversed from resistance level 159.50

– Likely to fall to support level 157.40

EURJPY currency pair recently reversed down from the resistance level 159.50 (top of the previous minor impulse wave i), coinciding with the upper daily Bollinger Band.

The downward reversal from the resistance level 159.50 is likely to form the daily Japanese candlesticks reversal pattern Dark Cloud Cover.

Given the overbought daily Stochastic, EURJPY currency pair can be expected to fall further toward the next support level 157.40 (former resistance from July).

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