EURJPY Wave Analysis 5 December 2024

– EURJPY reversed from key support level 156.00

– Likely to rise to resistance level 160.00

EURJPY currency pair recently reversed up from the key support level 156.00 (which has been reversing the pair from the start of August) standing close to the lower daily Bollinger Band.

The upward reversal from the support level 156.00 created the daily Japanese candlesticks reversal pattern Morning Star Doji.

Given the strength of the support level 156.00, EURJPY currency pair can be expected to rise toward the next resistance level 160.00 (target for the completion of the active wave iv).