Technical analysis

EURJPY Wave Analysis – 7 June 2023

– EURJPY under bullish pressure

– Likely to rise to resistance level 151.15

EURJPY under the bullish pressure after the price reversed up from the key support level 148.70 (which has been reversing the price from the middle of May).

The support level 148.70 was strengthened by the 20-day moving average and by the 50% Fibonacci correction of the previous sharp upward impulse wave (i).

Given the predominant uptrend, EURJPY can be expected to rise further toward the next resistance level 151.15 (top of the previous waves (v) and (i)).

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