Technical analysis

USDJPY Wave Analysis 6 November 2023

– USDJPY reversed from support level 149.30

– Likely to rise to resistance level 152.00

USDJPY currency pair recently reversed up from the key support level 149.30 (which has been reversing the pair from the middle of October as can be seen below).

The support level 149.30 was strengthened by the 50% Fibonacci correction of the previous sharp upward impulse from the start of last month.

Given the strength of the active uptrend, USDJPY can be expected to rise further toward the next resistance level 152.00 (top of wave iii and the target for the completion of the active impulse wave v).

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