USDJPY recently reversed down with the daily reversal pattern Bearish Engulfing from the resistance area lying between the multi-month resistance level 112.10 (which has been reversing the price form March of 2019) and the upper daily Bollinger Band.
The downward reversal from this resistance area started active short-term corrective wave 4.
Given the moderate Yen bullishness seen today – USDJPY is likely to fall further toward the next support level 110.15 (monthly high from January and the target for the completion of wave 4).
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- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…
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