Technical analysis

USDJPY Wave Analysis 3 March, 2021

USDJPY Wave Analysis 3 March, 2021

• USDJPY approached resistance level 107.08

• Likely to rise to resistance level 107.55

USDJPY has been rising strongly in the last trading sessions and today approached the resistance level 107.08 (former monthly high from August of 2020).

The resistance level 107.08 coincides with the 61.8% Fibonacci correction of the previous downward impulse from the middle of last year.

USDJPY is likely to rise further toward the next resistance level 107.55 (former resistance from July of 2020). Alternatively the price is likely to correct down to 106.00.

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