USDJPY Wave Analysis – 20 May, 2020

• USDJPY reversed from resistance zone

• Likely to fall to 107.00

USDJPY recently reversed down from the resistance zone lying between the key resistance level 107.90 (which has been reversing the price forms April), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward correction 2 from the start of March.

The downward reversal from this resistance zone started the active short-term impulse wave (iii). USDJPY is likely to fall further toward the next support level 107.00 (low of the previous minor correction (b)).