EURJPY Wave Analysis – 7 February 2023

• EURJPY reversed from resistance level 142.65

• Likely to fall to support level 140.00

EURJPY recently reversed down from the key resistance level 142.65, which has been reversing the price from the end of December.

The resistance level 142.65 was further strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from October.

Given the overbought daily Stochastic, EURJPY can be expected to fall further toward the next support level 140.00 (low of the previous correction 2).