USDJPY Wave Analysis 29 May 2024

– USDJPY reversed from key support level 156.50

– Likely to rise to resistance level 160.00

USDJPY currency pair recently reversed up from the key support level 156.50, former resistance which stopped the previous minor impulse wave i at the start of May.

The upward reversal from the support level 156.50 continued the active minor impulse wave iii.

Given the clear daily uptrend and the strong yen sales, USDJPY currency pair can be expected to rise further to the next resistance level 160.00 (top of wave 1 and the target for the completion of the active impulse wave iii).