Technical analysis

USDJPY Wave Analysis – 31 May, 2021

• USDJPY reversed from resistance level 110.00

• Likely to fall to support level 109.00

USDJPY currency pair recently reversed down from the round resistance level 110.00, standing above the upper daily Bollinger Band.

The downward reversal from the resistance level 110.00 created the daily Japanese candlesticks reversal pattern Shooting Star Doji.

USDJPY currency pair can then be expected to fall further toward the next support level 109.00 – followed by the support level 108.50 (low of wave 2).

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