Technical analysis

EURJPY Wave Analysis – 25 May 2023

• EURJPY reversed from pivotal support level 149.00

• Likely to rise to resistance level 151.60

EURJPY recently reversed up second time from the pivotal support level 149.00 (former top of wave (b) from the start of month).

The upward reversal from the support level 149.00 started the active impulse wave (iii), which belongs to the higher order impulse waves 5 and (C).

EURJPY can be expected to rise toward the next resistance level 151.60 (top of the previous short-term impulse wave 3 from the start of May).

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