EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,
– USDJPY reversed from resistance level 151.88
– Likely to fall to support level 150.00
EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year, as can be seen from the weekly EURJPY chart below. The resistance level 164.25 was strengthened by the upper weekly Bollinger Band and by the upper daily Bollinger Band. The downward reversal from resistance level 164.25 stopped the previous minor impulse wave 3 from the start of this year.
Given the strength of the resistance level 164.25 and the still overbought weekly Stochastic indicator and the rising yen inflows after the recent rate hike by the BOJ, EURJPY currency pair can be expected to fall further toward the next support level 162.00.
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