Technical analysis

EURJPY Wave Analysis 8 November 2023

– EURJPY broke key resistance level 160.00

– Likely to rise to resistance level 164.00

EURJPY currency pair earlier broke above the key resistance level 160.00 (which has been reversing the pair from the middle of August).

The breakout of the resistance level 160.00 accelerated the active intermediate impulse wave (3).

Given the strength of the active daily uptrend and the impulse wave (3), EURJPY can be expected to rise further toward the next resistance level 164.00 (top of the active daily up channel).

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