Technical analysis

USDJPY Wave Analysis – 30 December, 2019

USDJPY Wave Analysis – 30 December, 2019
  • USDJPY reversed from resistance area
  • Likely to fall to 108.50

USDJPY recently reversed down from the resistance area lying between the resistance level 109.65 (which has been reversing the price from November), upper daily Bollinger Band and the 61.8% Fibonacci correction of the sharp downward impulse from April.

The downward reversal from this resistance area started the active short-term ABC correction (ii).

USDJPY is expected to fall further toward the next support level 108.50 (low of wave 2 and the target price for the completion of the active wave (iii)).

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