EURJPY currency pair can be expected to rise further toward the next resistance level 162.60
– EURJPY rising strongly inside impulse 1
– Likely to reach resistance level 162.60
EURJPY currency pair recently reversed up from the support area located between the multi-month support level 154.45 (which has been reversing the price from last October, as can be seen from the daily EURJPY chart below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star Doji – which stopped the C-wave of the previous ABC correction (B) from April.
Given the strength of the aforementioned support area and the strongly bullish euro sentiment seen across the FX markets today, EURJPY currency pair can be expected to rise further toward the next resistance level 162.60 (former double bottom from April).
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