Market Snapshots

USDJPY Wave Analysis – 18 August, 2020

USDJPY Wave Analysis – 18 August, 2020

• USDJPY reversed from resistance area

• Likely to fall to 105.30 and 104.70

USDJPY recently reversed down with the daily Evening Star from the resistance area lying between the key resistance level 106.700 (former support from July), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from June.

The downward reversal from this resistance area started the active short-term impulse wave (iii).

USDJPY is likely to fall further toward the next support level 105.30 (low of the previous minor wave (a)) – followed by 104.70.

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