USDJPY Wave Analysis – 26 December, 2022

• USDJPY reversed from key support level 131.60

• Likely to rise to resistance level 135.00

USDJPY recently reversed up from the key support level 131.60 (former monthly high from May), intersecting with the lower daily Bollinger Band and the 50% Fibonacci retracement of the upward trend from last year.

The support level 131.60 has been repeatedly reversing the price from the middle of June.

Given the clear daily uptrend, USDJPY can be expected to rise further toward the next resistance level 135.00 (former support which stopped the previous waves (A) and B).