EUR/JPY reversed from resistance zone

EUR/JPY reversed from resistance zone

  • EUR/JPY reversed from resistance zone
  • Next sell target - 131.70

EUR/JPY today reversed down from the the resistance zone lying between the resistance level 134.50 (top of the previous impulse wave (iii) and the buy target set previously for this currency pair) and the upper daily Bollinger Band. If the pair closes today near the current levels it will form the strong daily Japanese candlesticks reversal pattern Evening Star. Given the overbought value of the daily Stochastic and CCI indicators - EUR/JPY is expected to fall to the next sell target at the next support level 131.70.

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