USDJPY recently reversed down from the resistance area located between the key resistance level 109.80 (former multi-month support from August) and the 50% Fibonacci correction of the previous sharp downward impulse from September.
The downward reversal from this resistance area stopped the previous medium-term upward impulse wave (3) from the start of January.
Given the overbought reading on the daily Stochastic indicator – USDJPY is expected to fall further and re-test the next key support at 109.00.
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