USDJPY Wave Analysis 6 May 2024

– USDJPY reversed from support zone

– Likely to rise to resistance level 155.65

USDJPY currency pair recently reversed up from the support zone lying between the strong support level 152.00 (former multi-month high from November) and the 38.2% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 152.00 stopped the previous short-term correction 2.

Given the predominant daily uptrend and the strongly bullish US dollar sentiment seen across the FX markets today, USDJPY can be expected to rise further to the next resistance level 155.65.