Technical analysis

EURJPY Wave Analysis – 22 June, 2021

• EURJPY reversed from support zone

• Likely to rise to resistance level 132.50

EURJPY recently reversed up with the daily Bullish Engulfing from the support zone lying between the key support level 129.80 (which has been reversing the price from the star of April), 100-day moving average and the lower daily Bollinger Band.

This support zone was further strengthened by the 50% Fibonacci correction level of the previous sharp upward impulse from January.

AUDJPY can then be expected to rise further toward the next resistance level 132.50 (former support from the middle of May)

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