USDJPY: ⬇️ Sell
– USDJPY reversed from strong resistance level 157.90
– Likely to fall to support level 156.00
USDJPY currency pair recently reversed down from the strong resistance level 157.90 (which stopped the previous impulse wave (iii) in the middle of November) – standing close to the major resistance level 158.70 (which started sharp downtrend in January).
The resistance level 157.90 was strengthened by the upper daily Bollinger Band and by the resistance trendline of the daily up channel from April.
Given the strength of the resistance level 157.90 and the bearish divergence on the daily Stochastic USDJPY currency pair can be expected to fall to the next support level 156.00.
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