USDJPY Wave Analysis – 8 May, 2020
May 08, 2020 @ 17:45 +03:00
- USDJPY reversed from support level 160.00
- Likely to rise to 107.00
USDJPY recently reversed up from the support level 160.00 intersecting with the lower daily Bollinger Band and the 50% Fibonacci retracement of the previous upward impulse (1).
The price is likely to complete the daily candlestick reversal pattern Morning Star – if it closes this week near the current levels – which is a strong buy signal.
USDJPY is expected to rise further toward the next resistance level 107.00 (former strong support level from the start of April).