Technical analysis

EURJPY Wave Analysis 6 May, 2021

• EURJPY reversed from support level 131.00

• Likely to rise to resistance level 132.30

EURJPY recently reversed up from the key support level 131.00 (former minor resistance level from the end of April).

The support area near the support level 131.00 was strengthened by the 50% Fibonacci correction of the previous sharp upward impulse wave (iii).

EURJPY is likely to rise further toward the next resistance level 132.30 (top of the previous minor impulse wave (iii) from the end of April).

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