EURJPY Wave Analysis – 8 August, 2022

• EURJPY broke resistance level 136.65

• Likely to rise to resistance level 138.00

EURJPY currency pair recently broke the resistance level 136.65 intersecting with the 38.2% Fibonacci correction of the downward impulse C from July.

The breakout of the resistance level 136.65 should accelerate the active intermediate impulse wave (3) from the start of August.

Given the strongly bearish yen sentiment, EURJPY can be expected to rise toward the next resistance level 138.00.