Technical analysis

EURJPY Wave Analysis 5 September 2023

– EURJPY reversed from support level 156.95

– Likely to rise to resistance level 159.50

EURJPY currency pair recently reversed up from the pivotal support level 156.95 (low of the previous correction 2), intersecting with the support trendline from March.

The support level 156.95 was further strengthened by the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from the start of August.

Given the strong daily uptrend, EURJPY can be expected to rise further toward the next resistance level 159.50 (which reversed the price 3 times last month).

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