Technical analysis

EURJPY Wave Analysis – 31 May 2023

– EURJPY reversed from resistance level 151.35

– Likely to fall to support level 148.00

EURJPY currency pair recently reversed down with the daily Shooting Star from the key resistance level 151.35 (top of the previous minor impulse wave 3 from the start of May).

The downward reversal from the resistance level 151.35 started the active short-term correction (ii), which belongs to the higher impulse waves 5 and (C).

Given the still overbought daily Stochastic , EURJPY can be expected to fall toward the next support level 148.00, target price for the completion of the active correction (ii).

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