By EURJPY currency pair can be expected to rise further to the next resistance level 185.30 – former support from the middle of July.
EURJPY broke resistance zone
Likely to rise to resistance level 185.30
EURJPY currency pair recently broke the resistance zone lying at the intersection of the resistance level 184.00 (former support which has been reversing the pair from June) and the 61.8% Fibonacci correction of the previous sharp downward impulse wave 5 from the end of July. The breakout of this resistance area accelerated the active intermediate impulse wave (3), that belongs to the primary impulse wave 1 from the end of July.
Given the strength of the active impulse wave (3) and the strongly bearish Yen seen across the currency markets today, EURJPY currency pair can be expected to rise further to the next resistance level 185.30 – former support from the middle of July.
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