Technical analysis

USDJPY Wave Analysis – 3 December, 2021

USDJPY Wave Analysis – 3 December, 2021

• USDJPY reversed from support zone

• Likely to rise to resistance level 114.00

USDJPY currency pair recently reversed up from the support zone lying between the key support level 112.80 (low of the previous correction (a)), lower daily Bollinger Band and the 61.8% Fibonacci correction of the price impulse from October.

The upward reversal from this support zone stopped the previous short-term ABC correction (ii).

Given the clear multi-month uptrend, USDJPY currency pair can be expected to rise further toward the next resistance level 114.00 (former support from November).

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