Technical analysis

EURJPY Wave Analysis – 9 June, 2021

• EURJPY reversed from support zone

• Likely to rise to resistance level 134.00

EURJPY currency pair recently reversed up from the support zone lying between the key support level 132.80 and the 38.2% Fibonacci correction of the upward from the start of May.

The upward reversal from this support zone stopped the previous short-term ABC correction (ii) from the end of May.

Given the sharp daily uptrend – EURJPY currency pair can then be expected to rise further toward the next resistance level 134.00 (top of the previous impulse wave (i)).

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