EURJPY Wave Analysis 16 February, 2021

• EURJPY rising inside impulse wave C

• Likely to test resistance level 130.00

EURJPY continues to rise steadily after the price broke the powerful multi-month resistance level 127.30 (which has been reversing the price from last September – as can be seen below).

The breakout of the resistance level 127.30 accelerated the active impulse wave C of the ABC correction (2) from last May. Given the clear daily uptrend – EURJPY is likely to rise further toward the next resistance level 130.00 (target price for the completion of the active impulse wave C