USDJPY Wave Analysis – 6 May, 2020
May 06, 2020 @ 16:37 +03:00
- USDJPY under bearish pressure
- Likely to fall to 105.70
USDJPY has been under bearish pressure lately after the earlier breakout of the support zone located between the key support level 107.00 and the 50% Fibonacci retracement of the previous upward impulse (1) from March.
The breakout of this support area accelerated the active short-term impulse wave C – which belongs to the medium-term ABC correction (2) from March.
USDJPY is expected to fall further toward the next support level 105.70 (target price for the completion of the active impulse wave (iii)).