USDJPY Wave Analysis – 17 November, 2021

• USDJPY reversed from resistance area

• Likely to fall to support level 114.00.                                                                       

USDJPY currency pair recently reversed down from the major resistance area located between the key resistance level 114.70 (previous monthly high from October) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous short-term impulse wave (iii) of the higher order impulse waves 3 and (3).

Given the strength of the aforementioned resistance area, USDJPY currency pair can be expected to fall further toward the next support level 114.00.