EURJPY Wave Analysis

  • EURJPY under strong bearish pressure
  • Likely to fall to support level 163.10

EURJPY under the strong bearish pressure after the price reversed down from the major multi-year resistance level 170.00 (which started the sharp weekly downtrend back in 2007).

The resistance level 170.00 was strengthened by the upper daily Bollinger Band and by the resistance trendline of the daily up channel from January.

EURJPY can be expected to fall further to the next support level 163.10 (which reversed the price twice in April).

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