USDJPY Wave Analysis – 06 March, 2020

USDJPY broke support levels 106.40, 107.5
Likely to fall to 104.60

USDJPY recently broke the support levels 106.40 (monthly low from October), 107.5 (low of the earlier correction (ii)).

The breakout of this support zone was preceded by the breakout of the support trendline of the daily up channel from August.

USDJPY is likely fall toward the next support level 104.60 (multi-month low from August and the target price for the completion of the active corrective wave (2) from last month).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: USDJPY

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