Technical analysis

USDJPY Wave Analysis – 10 July 2023


– USDJPY broke support level 142.00

– Likely to fall to support level 140.00

USDJPY currency pair recently broke the support level 142.00, coinciding with the support trendline of the narrow daily up channel from May.

The breakout of the support level 142.00 accelerated the active short-term correction 2, which belongs to the higher impulse wave (5) from May.

Given the widespread dollar sales, USDJPY can be expected to fall further toward the next support level 140.00 (target price for the completion of the active wave 2).

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