EURJPY currency pair can be expected to fall further toward the next support level 158.00,former monthly low from January.
– EURJPY under strong bearish pressure
– Likely to fall to support level 158.00
EURJPY currency pair under the strong bearish pressure after the earlier breakout of multiple consecutive support levels – 167.75 (former monthly low from June), 164.80 (monthly low from May) and 162.65 (low of the Double Bottom from April). Each of these support breakouts accelerated the active impulse wave 1 of the higher order shaper downward impulse wave (C) from the end of July – which belongs to the primary ABC correction 2 from the start of July.
Given the strongly bearish yen sentiment that can be observed across the FX markets recently, EURJPY currency pair can be expected to fall further toward the next support level 158.00 (former monthly low from January and the target price for the completion of the active impulse wave 1).
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