USDJPY: ⬇️ Sell
– USDJPY reversed from strong resistance level 160.00
– Likely to fall to support level 157.50
USDJPY currency pair recently reversed down from the strong resistance level 160.00 (which has been reversing the price from March) standing close to the upper daily Bollinger Band.
The downward reversal from the resistance level 160.00 started the active short-term correction v, which belongs to wave iii from January.
Given the strength of the resistance level 160.00 and the bearish divergence on the daily Stochastic indicator, USDJPY currency pair can be expected to fall to the next support level 157.50 – which stopped earlier waves I and iv.