Categories: Technical analysis

USDJPY Wave Analysis 29 July 2024

– USDJPY reversed from support level 151.95

– Likely to rise to resistance level 155.00

USDJPY currency pair recently reversed up from the powerful support level 151.95 (former major resistance from 2022 and also the yearly high from last year), standing close to the 50% Fibonacci correction of the upward impulse from 2023.

The upward reversal from the support level 151.95 stopped the previous minor correction 4.

Given the clear daily uptrend, USDJPY currency pair can be expected to rise further to the next resistance level 155.00.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: USDJPY

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