EURJPY Technical Analysis Report 25 February, 2021

• EURJPY broke resistance area
• Likely to test resistance levels 130.00 and 132.00

EURJPY currency pair continues to rise strongly after the earlier breakout of the resistance area lying between the key resistance level 128.40 (top of the previous minor impulse wave (iii)) and the resistance level 127.40 (top of the daily Double Top from January). The breakout of this resistance area accelerated the active impulse waves (iii) and 3 – which are a part of the powerful upward impulse (3) from the end of October.

Given the strong uptrend that can be seen on the daily EURJPY charts and the increasing euro optimism on signs the mass vaccinations programmes are starting to have effect on infection rates acorns the Europe– EURJPY currency pair is likely to rise further toward the next resistance levels 130.00 and 132.00.

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