Technical analysis

EURJPY Wave Analysis 26 December 2023

– EURJPY rising inside impulse wave (5)

– Likely to reach resistance level 158.40

EURJPY rising inside the intermediate upward impulse wave (5), which started earlier from the major support level 154.40 (which has been reversing the price from July).

The support level 154.40 was additionally strengthened by the 50% Fibonacci correction of the upward impulse from May and by the support trendline of the daily up channel from July.

Given the clear daily uptrend, EURJPY currency pair can be expected to rise further to the next resistance level 158.40 (top of the earlier minor impulse wave 1).

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