EURJPY Wave Analysis – 24 June, 2019

EURJPY reversed from the support area
Further gains are likely

EURJPY recently reversed up sharply from the support area lying between the key support level 121.00 (which stopped the previous medium-term ABC correction (2)) and the lower daily Bollinger Band.

The upward reversal from this support area started the active short-term impulse wave 3 – which belongs to the impulse wave (3) from May.

EURJPY is expected to rise further in the active impulse waves 3 and (3) and retest the next resistance level 123.00 (top of wave 1).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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