Technical analysis

USDJPY Wave Analysis – 5 April, 2022

USDJPY Wave Analysis – 5 April, 2022

• USDJPY reversed from key support level 121.00
• Likely to rise to resistance level 125.00

USDJPY recently reversed up with the daily Morning Star from the key support level 121.00 intersecting with the 38.2% Fibonacci correction of the upward impulse from March.

The support area near the support level 121.00 was further strengthened by the upper trendline of the daily up channel from last September (acting as support after it was broken previously).

USDJPY can be expected to rise further toward the next resistance level 125.00 (top of the previous impulse wave (3) from last month).

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