USDJPY Wave Analysis – 16 September, 2020

• USDJPY broke support area

• Likely to fall to 104.20

USDJPY continues to fall after the pair broke through the support area lying between the support level 105.20 (low of the previous waves (a) and b) and the 61.8% Fibonacci correction of the upward impulse 1 from July.

The breakout of this support area continues the active short-term impulse wave (c) and the multi-day downtrend from the end of March.

USDJPY is likely to fall further toward the next support level 104.20 (former support from July and the target for the completion of wave 2).