EURJPY Wave Analysis 25 July 2024

– EURJPY reversed from support level 165.00

– Likely to rise to resistance level 168.00

EURJPY currency pair recently reversed up from the pivotal support level 165.00 (former strong resistance from March and April, which also stopped the previous correction 2 at the start of May).

The support level 165.00 was strengthened by the 50% Fibonacci correction of the previous sharp uptrend from December.

Given the clear uptrend, EURJPY currency pair can be expected to rise further to the next resistance level 168.00 (former strong support from May and June).