Technical analysis

USDJPY Wave Analysis 29 February 2024

– USDJPY reversed from resistance level 151.35

– Likely to fall to support level 147.90

USDJPY currency pair recently reversed down from the powerful long-term resistance level 151.35 (previous yearly high from 2022 and 2023).

The downward reversal from the resistance level 151.35 stopped the previous weekly ABC correction 2 from the end of last year.

Given the strength of the resistance level 151.35 and the resumed yen demand, USDJPY currency pair can be expected to fall further toward the next support level 147.90.

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