Technical analysis
EURJPY Wave Analysis 22 January, 2021
January 22, 2021 @ 19:07 +03:00
![EURJPY Wave Analysis 22 January, 2021 EURJPY Wave Analysis 22 January, 2021](https://fxpro.news/wp-content/uploads/2020/04/euro2-1.jpg)
• 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).
![](https://fxpro.news/wp-content/uploads/2021/01/eurjpy-primary-analysis-jan-22-1732-pm-1-day-1024x479.png)