Market Snapshots

USDJPY Wave Analysis – 09 May, 2019

USDJPY Wave Analysis – 09 May, 2019
  • USDJPY broke key support level 109.70
  • Further losses are likely

USDJPY continues to fall after the earlier breakout of the key support level 109.70 (monthly low from March) – which was preceded by the breakout of the support trendline from January.

The breakout of the support level 109.70 is likely to strengthen the bearish pressure on this currency pair.

USDJPY is expected to fall further inside the active medium-term ABC correction (4) toward the next support level 109.00.

Source: FxPro

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