Technical analysis

USDJPY Wave Analysis – 18 May 2023

• USDJPY broke resistance level 137.50

• Likely to rise to resistance level 140.00

USDJPY recently broke the multi-month resistance level 137.50 (which has been reversing the pair from the middle of December).

The breakout of the resistance level 137.50 follows the earlier breakout of the 38.2% Fibonacci correction of the previous sharp weekly correction II from October.

USDJPY can be expected to rise further toward the next resistance level 140.00 (former minor resistance from last November).

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