Technical analysis

EURJPY Wave Analysis 23 November 2023

– EURJPY reversed from support level 161.35

– Likely to rise to resistance level 164.00

EURJPY currency pair recently reversed up from the key support level 161.35, coinciding with the 20-day moving average support trendline of the daily up channel from October and the 50% Fibonacci correction of the upward impulse from August.

The upward reversal from the support level 161.35 stopped the earlier minor correction 2 from the middle of November.

Given the clear daily uptrend, EURJPY currency pair can be expected to rise further to the next resistance level 164.00, which stopped the previous impulse wave 1.

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