Technical analysis

EURJPY Wave Analysis 24 October 2023

– EURJPY reversed from resistance level 159.50

– Likely to fall to support level 0.8100

EURJPY currency pair recently reversed down from the powerful resistance level 159.50 (which reversed the pair twice in August) intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 159.50 is likely to form the daily Bearish Engulfing – which will stop the active impulse wave (3).

Given the strength of the resistance level 159.90, euro outflows and the overbought daily Stochastic, EURJPY can be expected to fall further toward the next support level 156.95 (low of the previous wave (2)).

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