Technical analysis

USDJPY Wave Analysis – 4 January, 2023

USDJPY Wave Analysis – 4 January, 2023

• USDJPY reversed from support area

• Likely to rise to resistance level 135.00

USDJPY currency pair today reversed up from the support area located between the major long-term support level 130.75 (which has been reversing the price from May) and the lower daily Bollinger Band.

This support area was further strengthened by intersecting 50% Fibonacci correction of the previous extended weekly uptrend from the end of 2021.

Given the clear daily uptrend, USDJPY can be expected to rise further toward the next resistance level 135.00 (top of the previous minor correction 2).

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