EURJPY Wave Analysis 8 August 2024

– EURJPY reversed from support zone

– Likely to rise to resistance level 162.50

EURJPY currency pair recently reversed up sharply from the support zone located between the multi-month support level 154.30 (which has been reversing the price from October) and the lower daily Bollinger Band.

The upward reversal from the support zone created the daily candlesticks reversal pattern Morning Star Doji – strong buy signal for this currency pair.

Given the strength of the support level 154.30, EURJPY currency pair can be expected to rise further toward the next resistance level 162.50.