Technical analysis

EURJPY Wave Analysis – 5 April 2023     

• EURJPY reversed from key resistance level 145.40

• Likely to fall to support level 142.00

EURJPY recently reversed down from the key resistance level 145.40 (which has been reversing the price from the start of March) intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 145.40 created the daily Japanese candlesticks reversal pattern Shooting Star Doji.

Given the strong yen sentiment, EURJPY can then be expected to fall further toward the next support level 142.00.

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