Technical analysis

USDJPY Wave Analysis – 12 August, 2022

USDJPY Wave Analysis – 12 August, 2022

• USDJPY reversed from support level 131.40

• Likely to rise to resistance level 135.33

USDJPY recently reversed up from the key support level 131.40 (former monthly high from May, which has been reversing the pair after it was broken in June).

The upward reversal from the support level 131.40 created the daily Hammer, which started the active intermediate impulse wave (5).

Given the predominant uptrend, USDJPY can be expected to rise further toward the next resistance level 135.33 (top of the previous correction B).

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