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EURJPY Wave Analysis 22 January, 2021

EURJPY Wave Analysis 22 January, 2021

• EURJPY reversed from key support level 125.00

• Likely to rise to 127.00

EURJPY recently reversed up from the key support level 125.00 (former monthly high from October and November) – standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction level of the previous upward impulse from October.

The upward reversal from this support level created the daily Morning Star candlesticks reversal pattern – which was immediately followed by the Bullish Engulfing.

EURJPY is expected to rise further toward the next resistance level 127.00 (which stopped the sharp uptrend in last August).

EURJPY Wave Analysis 22 January, 2021


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