Market Snapshots

USDJPY Wave Analysis – 27 July, 2020

USDJPY Wave Analysis – 27 July, 2020

• USDJPY broke strong support level 106.00
• Likely to fall to 104.60

USDJPY falling steadily after the earlier breakout of the strong support level 106.00 (which formed the monthly lows in May and June, as can be seen below).

The breakout of the support level 106.00 accelerated the active impulse wave C of the multi-month downward ABC correction (2) from the end of March.

USDJPY is likely to fall further toward the next support level 104.60 (likely price for the completion of the active ABC correction (2)).

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