USDJPY Wave Analysis 26 October, 2020

• USDJPY reversed from support area

• Likely to rise to 105.50

USDJPY continues to rise after the earlier upward reversal from the key support area lying between the powerful support level 104.35 (which has been steadily reversing the price from July) and the lower daily Bollinger band.

The upward reversal from this support area started the active short-term upward impulse wave 3 belonging to the impulse sequence (3) – which started in September from the same support level 104.35.

USDJPY is likely to rise further toward the next resistance level 105.50 (which started the previous minor impulse wave (c)).