Technical analysis

USDJPY Wave Analysis – 5 May, 2022

USDJPY Wave Analysis – 5 May, 2022

• USDJPY reversed from support area
• Likely to rise to resistance level 131.20

USDJPY recently reversed up strongly from the support area located between the key support level 128.90 (former resistance from last month) and the 50% Fibonacci correction of the upward impulse from April.

The upward reversal from this support area is likely to create the daily candlesticks reversal pattern Bullish Engulfing.

Given the strong daily uptrend – USDJPY can be expected to rise further toward the next resistance level 131.20.

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