USDJPY Wave Analysis – 8 May, 2020

• 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).