– USDJPY under bearish pressure
– Likely to fall to support level 146.00
USDJPY currency pair is under bearish pressure after the earlier breakout of the support zone between the support level 148.60 (the former monthly low from December) and the 50% Fibonacci correction of the upward impulse from September.
The breakout of this support zone accelerated the C-wave of the active ABC correction (2) from the start of January.
Given the strongly bullish yen sentiment seen today, USDJPY currency pair can be expected to fall to the next support level 146.00, the target for the completion of the active ABC correction (2).
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