USDJPY Wave Analysis – 29 May, 2019

USDJPY trading inside support area
Further gains are likely

USDJPY is currently trading inside the support area lying between the support level 109.20 (low of the previous wave (2)) and the lower daily Bollinger Band.

This support area is further strengthened by the proximity of the 38.2% Fibonacci correction of the previous sharp upward impulse from January.

USDJPY is expected to rise further inside the active short-term impulse wave 3 and retest the next resistance level 110.00.

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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