EURJPY Wave Analysis – 23 March, 2020

• EURJPY reversed from support area
• Likely to rise to 120.00

EURJPY recently reversed up from the support area lying between the powerful support level 116.00 (which stopped the previous sharp downtrend in September) and the lower daily Bollinger Band.

The upward reversal from this support area formed the daily Japanese candlesticks reversal pattern Bullish Engulfing.

EURJPY is expected to rise further toward the next resistance level 120.00 (which stopped the earlier short-term correction (b)).