USDJPY: ⬇️ Sell
– USDJPY reversed from resistance level 160.500
– Likely to fall to support level 159.00
USDJPY currency pair recently reversed down from the resistance zone between the multi-month resistance level 160.500 (can be seen from the daily USDJPY chart below) and the upper daily Bollinger Band.
The downward reversal from this resistance zone started the active short-term correction iv.
Given the strength of the resistance level 160.50 and the overbought daily Stochastic, USDJPY currency pair can be expected to fall to the next support level 159.00.