EURJPY Technical Analysis Report 27 December, 2024

EURJPY currency pair can be expected to rise further to the next resistance level 166.00 (former multi-month high from October and the target for the completion of the active wave 2).

– EURJPY broke resistance zone

– Likely to rise to resistance level 166.00

EURJPY currency pair recently broke the resistance zone located between the resistance level 163.75 (which has been reversing the price from the middle of November, as can be seen from the daily EURJPY below) and the 61.8% Fibonacci correction of the earlier sharp downward impulse 1 from the end of October. The breakout of this resistance zone the active impulse wave (c) which belongs to the minor ABC correction 2 from the start of December.

Given the continuation of the strongly bearish yen sentiment as can be seen across the FX markets today, EURJPY currency pair can be expected to rise further to the next resistance level 166.00 (former multi-month high from October and the target for the completion of the active wave 2).

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