Technical analysis

USDJPY Wave Analysis – 21 October, 2021

USDJPY Wave Analysis – 21 October, 2021

• USDJPY reversed from key resistance area

• Likely to fall to support level 113.00                                                                        

USDJPY currency pair continues to fall after the price reversed down from the major resistance area located between the multi-year resistance level 114.40 (which stopped the uptrend in 2018) and the upper weekly Bollinger Band.

The downward reversal from this resistance area stopped the previous sharp upward impulse wave 3.

Given the strength of the nearby resistance area and the overbought weekly RSI – USDJPY can be expected to fall further toward the next support level 113.00.

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