EURJPY currency pair can be expected to fall to the next support level 160.95, which reversed the price earlier this month.
- EURJPY reversed from resistance area
- EURJPY to fall to support level 160.95
EURJPY currency pair recently reversed down from the resistance area between the key resistance level 163.30 (which has been reversing the price from the start of April, as can be seen from the daily EURJPY chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing, which stopped the previous short-term corrective wave ii from the start of this month. The downward reversal from the resistance level 163.30 started the active minor downward impulse wave iii, which belongs to the higher impulse waves 3 and (3).
Given the bearish euro sentiment that can be seen on the FX markets today – coupled with moderate yen inflows, EURJPY currency pair can be expected to fall to the next support level 160.95, which reversed the price earlier this month.
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