Technical analysis

EURJPY Wave Analysis 4 May, 2021

• EURJPY reversed from resistance level 132.00

• Likely to fall to support level 131.00

EURJPY recently reversed down from the key resistance level 132.00, intersecting with the resistance trendline of the daily up channel from the middle of November.

The downward reversal from the resistance level 132.00 created the daily candlesticks reversal pattern Bearish Engulfing.

EURJPY is likely to fall further toward the next support level 131.00 (former top of the Shooting Star from the middle of April).

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