- EURJPY reversed from resistance level 127.00
- Likely to fall to 126,00
EURJPY recently reversed down from the key resistance level 127.00 (which stopped the previous sharp upward trend at the start of December as can be seen from the daily EURJPY chart below) standing near the upper daily Bollinger Band. The downward reversal from the resistance level 127.00 created the daily Shooting Star which stopped the previous short-term impulse wave (iii).
Given the clear bearish divergence on the daily RSI indicator and the rising yen bullishness seen acorsss the FX markets today – EURJPY is likely to fall further toward the next support level 126,00 (previous minor support pivot which stopped the previous corrections (iv) and (ii)).