Technical analysis

EURJPY Wave Analysis 22 January, 2021

EURJPY Wave Analysis 22 January, 2021

• EURJPY reversed from key support level 125.00

• Likely to rise to 127.00

EURJPY recently reversed up from the key support level 125.00 (former monthly high from October and November) – standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction level of the previous upward impulse from October.

The upward reversal from this support level created the daily Morning Star candlesticks reversal pattern – which was immediately followed by the Bullish Engulfing.

EURJPY is expected to rise further toward the next resistance level 127.00 (which stopped the sharp uptrend in last August).

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