USDJPY Wave Analysis – 24 June, 2020

• USDJPY reversed from support area

• Likely to rise 107.60

USDJPY recently reversed up from the support area between the key support level 106.00 (monthly low from May), lower daily Bollinger band and the 50% Fibonacci retracement of the previous upward impulse (1) from the middle of March.

The upward reversal from this support zone started the active short-term impulse wave 3. Given the oversold daily Stochastic – USDJPY is likely to rise further toward the next resistance level 107.60 (top of the previous correction (b)).