USDJPY Wave Analysis 11 September 2024

– USDJPY reversed from the support zone

– Likely to rise to the resistance level 144.00

USDJPY currency pair recently reversed up from the support zone set between the pivotal support level 140.75 (which has been reversing the price from December) and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – which stopped the previous ABC correction (2).

Given the strength of the support level 140.75 and the oversold daily Stochastic, USDJPY currency pair can be expected to rise further to the next resistance level 144.00 (former support from the end of August).