EURJPY currency pair under the bullish pressure today after the price broke the key long-term resistance level 127.000 (which has been steadily reversing this currency pair from the start of September as can be seen below). The breakout of the resistance level 127.000 accelerated the active impulse wave C of the intermediate ABC correction (2) from 2020. Given the uptrend that can be seen on the daily charts and the predominant yen bearishness seen across the FX markets today – EURJPY currency pair is likely to rise further toward the next resistance level 129.000 (forecast price for the completion of the active waves C and (2)).
