Technical analysis

EURJPY Wave Analysis 23 April, 2021

• EURJPY reversed from support level 129.70

• Likely to rise to resistance level 130.500

EURJPY today reversed up from the pivotal support level 129.70 (which is the lower border of the sideways price range inside which the pair is trading from the start of April).

The support zone near the support level 129.70 was strengthened by the coinciding 38.2% Fibonacci correction of the previous upward impulse from last month.

EURJPY is likely to rise further toward the next resistance level 130.500 (upper boundary of the aforementioned sideways price range).

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