Technical analysis

EURJPY Wave Analysis – 25 April 2023

• EURJPY reversed from strong resistance level 148.50

• Likely to fall to support level 146.60

EURJPY currency pair recently reversed down from the multi-month resistance level 148.50 (which stopped the previous impulse wave (A) in October).

The resistance level 148.50 was further strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 148.50 and the overbought daily Stochastic, EURJPY currency pair can be expected to fall further toward the next support level 146.60 (low of the previous correction (ii)).

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