Categories: Technical analysis

EURJPY Wave Analysis – 5 December, 2022

• 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)).

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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The FxPro Tech Analysis Team
Tags: EURJPY

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