EURJPY currency pair can be expected to rise further toward the next resistance level 164.25 (former multi-month high from February).
– EURJPY broke daily down channel
– Likely to rise to resistance level 164.25
EURJPY currency pair today broke the daily down channel from February and the key resistance level 163.40, which stopped the previous waves B, I and (b), as can be seen from the daily EURJPY chart below. The breakout of the resistance level 163.40 should accelerate the active minor impulse wave iii of the high impulse wave 3 from the end of January. Both of the active impulse waves iii and 3 belong to the higher intermediate impulse wave (C) from the start of December.
Given the strong daily uptrend and the continuation of the strongly 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 164.25 (former multi-month high from February).
