EURJPY Technical Analysis Report 18 May, 2021

• EURJPY broke resistance area
• Likely to rise to resistance level 136.00

EURJPY currency pair recently broke the resistance area lying at the intersection of the resistance level 132.35 (which stopped the previous impulse waves (iii) and (i)) and the resistance trendline of the daily up channel from March. This price area acting as the strong support zone after it was broken by the active impulse waves 5 and (C).

Given the clear daily uptrend and the continued bullish sentiment affecting the euro at the moment – EURJPY currency pair can be expected to rise further in the active impulse wave 5 and (C) toward the next resistance level 136.00 (target price for the completion of the active impulse wave 5).

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