USDJPY Wave Analysis – 18 May 2023
May 18, 2023 @ 17:33 +03:00
• 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).