Categories: Technical analysis

USDJPY Wave Analysis 7 October, 2020

• USDJPY reversed from support area

• Likely to rise to 106.30

USDJPY recently reversed up from the support area lying between the support level 105.20 and the 38.2% Fibonacci correction of the previous upward impulse wave 1 from September.

The upward reversal from this support area started the active short-term impulse wave 3 – which belongs to the higher order impulse wave (3).

USDJPY is likely to rise further toward the next resistance level 106.30 (top of the previous short-term correction (b) from the start of last month).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: USDJPY

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