USDJPY falling inside impulse wave ③

• USDJPY falling inside impulse wave ③
• Further losses are likely

USDJPY continues to fall impulse the sharp primary impulse wave ③, which started earlier from the powerful resistance area lying between the long-term resistance level 114.60, upper daily Bollinger Band and the resistance level trendline of the daily up channel from May.

The downward reversal from the aforementioned resistance area created the strong weekly Japanese candlestick reversal pattern Evening Star Doji.

USDJPY is expected to fall further and re-test the next support level 111.00, intersecting with the support trendline of the daily up channel from May.