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).