EURJPY currency pair can be expected to fall toward the next support level 162.00 (which reversed the previous waves iv and ii).
- EURJPY reversed from resistance area
- Likely to fall to support level 162.00
EURJPY currency pair recently reversed down with the daily Evening Star from the resistance area between the multi-month resistance level 164.80 (which has been reversing the prices from last November, as can be seen from the daily EURJPY chart below), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from the end of July. The downward reversal from this resistance area stopped the C-wave of the previous short-term ABC correction 2 from the end of February.
Given the overbought daily Stochastic, the strength of the resistance level 164.80 and the clearly bearish euro sentiment that can be seen across the FX markets today, EURJPY currency pair can be expected to fall toward the next support level 162.00 (which reversed the previous waves iv and ii).
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