USDJPY Wave Analysis – 31 May, 2022

• USDJPY reversed from support level 127.00
• Likely to rise to resistance level 129.65

USDJPY recently reversed up from the key support level 127.00 (which stopped wave (ii) in April), intersecting with lower daily Bollinger Band and by the 50% Fibonacci correction of the previous sharp upward impulse 1 from March.

The upward reversal from the support level 127.00 started the active impulse wave (5).

Given the clear daily uptrend, USDJPY can be expected to rise further toward the next resistance level 129.65 (top of wave B from the middle of May).