Technical analysis

USDJPY Wave Analysis 27 March 2024

– USDJPY reversed from multi-year resistance level 151.357

– Likely to fall to support level 146.90

USDJPY currency pair recently reversed up from the powerful multi-year resistance level 151.357 (former monthly high from 2022), standing close to the upper weekly Bollinger Band.

The downward reversal from the resistance level 151.357 stopped the previous minor corrective wave 2 of the weekly downward impulse sequence (C) from last year.

Given the still overbought weekly Stochastic, USDJPY currency pair can be expected to fall further to the next support level 146.90 (low of the previous weekly correction).

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