EURJPY Wave Analysis – 5 December, 2022
December 05, 2022 @ 16:39 +03:00
• EURJPY reversed from support level 141.00
• Likely to rise to resistance level 146.00
EURJPY recently reversed up from the support level 141.00 (previous monthly low from October), standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from September.
The upward reversal from the support level 141.00 is aligned with the clear multi-month uptrend inside which the pair has been moving from March.
Given the strongly bearish yen sentiment, EURJPY can be expected to rise further toward the next resistance level 146.00 (top of the previous minor correction (b)).