EURJPY Wave Analysis 16 January 2025

- EURJPY broke support zone
- Likely to fall to support level 158.00

EURJPY currency pair recently broke the support zone located between the key support level 160.200, (which has been reversing the pair from December) and the 50% Fibonacci correction of the upward ABC correction 2 from last month.

The breakout of this support zone accelerated the active short-term impulse wave iii of the higher impulse waves 3 and (3).

Given the strong bullish yen sentiment, EURJPY currency pair can be expected to fall to the next support level 158.00, the target price for the completion of the active impulse wave iii.