Given the strength of the resistance level 186.20 and the widespread bullish yen sentiment that can be seen across the FX markets today, EURJPY currency pair can be expected to fall to the next support level 182.50 (which stopped multiple corrections from January – a, b and 4).
- EURJPY reversed from resistance area
- Likely to fall to support level 182.50
EURJPY currency pair recently reversed up from the resistance area located between the key resistance level 186.20 (which stopped the previous wave b in January, as can be seen from the daily EURJPY chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area is likely to form the daily Japanese candlesticks reversal pattern Evening Star (strong sell signal for this currency pair) – if the pair closes today near the current levels.
Given the strength of the resistance level 186.20 and the widespread bullish yen sentiment that can be seen across the FX markets today, EURJPY currency pair can be expected to fall to the next support level 182.50 (which stopped multiple corrections from January – a, b and 4).
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