USDJPY Wave Analysis 1 February, 2021

• USDJPY under bullish pressure

• Likely to reach resistance level 105.70

USDJPY under the bullish pressure after the earlier breakout of the resistance area lying between the resistance levels 104.00 (top of the previous impulse wave 1) and 104.50 (former monthly high from December).

The breakout of this resistance area coincided with the breakout of the long-term down channel from last March- which accelerated the active impulse wave 3.

USDJPY currency pair can be expected to rise further toward the next resistance level 105.70 (former monthly high from November).