EURJPY Technical Analysis Report 7 May, 2024
Given the prevailing daily uptrend, EURJPY currency pair can be expected to rise further toward the next resistance level 168.00.
– EURJPY reversed from support zone
– Likely to rise to resistance level 168.00
EURJPY currency pair recently reversed up from the support zone located between the major support level 164.45 (former multi month high from November), 20-day moving average and the 38.2% Fibonacci correction of the previous upward impulse from December. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star Doji – which stopped the previous short-term corrective wave 4.
Given the prevailing daily uptrend, acceleration of the intraday Momentum and the continuation of the bearish yen sentiment that can be seen across the currency markets today, EURJPY currency pair can be expected to rise further toward the next resistance level 168.00.
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