USDJPY Wave Analysis – 21 October, 2022

• USDJPY rising inside impulse wave (iii)

• Likely to test resistance level 152.50

USDJPY continues to rise inside the short-term impulse wave (iii), which belongs to the higher order impulse waves 3 and (5).

The pair earlier broke the resistance trendline of the daily up channel from March – which added to the bullish pressure on USDJPY.

Given the overriding daily uptrend, USDJPY can be expected to rise further toward the next resistance level 152.50 (target price for the completion of the active impulse wave (iii)).