Categories: Technical analysis

USDJPY Wave Analysis 1 September 2023

– USDJPY reversed from support level 144.85

– Likely to test resistance level 147.40

USDJPY currency pair recently reversed up from the support level 144.85 (former resistance from the end of June), intersecting with the 50% Fibonacci correction of the upward impulse from the start of August.

The upward reversal from the support level 144.85 continues the active impulse waves 3 and (3).

Given the strong daily uptrend, USDJPY can be expected to rise further toward the next resistance level 147.40 (previous monthly high from August).

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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