EURJPY Technical Analysis 16 December, 2021

• EURJPY reversed from support level 3725.00
• Likely to rise to resistance level 4455.00

EURJPY currency recently reversed down from the pivotal resistance level 129.60 (top of wave 4 from the end of November), intersecting with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward price impulse from the start of November. The downward reversal from the resistance level 129.60 created the daily Japanese candlesticks reversal pattern Shooting Star.

Given the rising yen bullish sentiment seen across the currency markets today, EURJPY currency pair can be expected to fall further toward the next support level 128.00 (which has been steadily reversing the price from August).

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