Categories: Technical analysis

EURJPY Wave Analysis – 28 July, 2020

• EURJPY reversed from resistance level 124.30

• Likely to fall to 122.84

EURJPY recently reversed down from the resistance level 124.30 (which stopped the previous corrective (A)-wave at the start of July) – standing above the upper daily Bollinger band.

The downward reversal from the resistance level 124.30 started the active short-term correction 4.

Given the overbought daily Stochastic – EURJPY is likely to fall further toward the next support level 122.84 (low of the previous daily Hammer).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: EURJPY

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