USDJPY Wave Analysis – 24 February 2023

• USDJPY under the bullish pressure

• Likely to rise resistance level 138.00

USDJPY under the bullish pressure after the earlier breakout of the resistance level 134.60 (which has been reversing the price from December) coinciding with the 50% Fibonacci correction of the previous downward impulse from November.

The breakout of the resistance level 134.60 accelerated the active short-term impulse wave 3.

USDJPY can be expected to rise further toward the next resistance level 138.00 (monthly high from December and the forecast price for the completion of the active impulse wave 3).