EURJPY Wave Analysis

  • EURJPY approaching strong resistance level 171.55
  •  Likely to correct down from 171.55

EURJPY currency pair approaching the strong resistance level 171.55 (which stopped the previous sharp upward impulse wave 1 at the end of April, as you can see below).

The resistance level 171.55 is further strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 171.55 and the overbought reading on the daily Stochastic indicator, EURJPY currency pair can be expected to reverse down from the resistance level 171.55 – when it reaches it.

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