Technical analysis

USDJPY Wave Analysis 21 October, 2020

USDJPY Wave Analysis 21 October, 2020

• USDJPY falling inside impulse wave C

• Likely to fall to 104.00

USDJPY continues to fall inside the short-term impulse wave (c), which previously broke the support level 105.00 intersecting with the 50% Fibonacci correction of the upward impulse wave 1 from September.              

The breakout of the support level 105.00 is aligned with the multi-month downtrend inside which the pair has been trading from March.

USDJPY is likely to fall further toward the next support level 104.00 (powerful support from September and the target price for the completion of the active ABC correction 2).

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