USDJPY Wave Analysis – 30 December, 2022

• USDJPY reversed from major resistance level 134.

• Likely to fall to support level 130.75

USDJPY recently reversed down from the major resistance level 134.60 (former support which stopped the previous waves (A) and B at the start of December).

The downward reversal from the resistance level 134.60 created the daily candlesticks reversal pattern Bearish Engulfing.

USDJPY can be expected to fall further toward the next support level 130.75 (previous monthly low from August and the low of wave (C)).