Categories: Technical analysis

USDJPY Wave Analysis – 8 May, 2020

  • USDJPY reversed from support level 160.00
  • Likely to rise to 107.00

USDJPY recently reversed up from the support level 160.00 intersecting with the lower daily Bollinger Band and the 50% Fibonacci retracement of the previous upward impulse (1).

The price is likely to complete the daily candlestick reversal pattern Morning Star – if it closes this week near the current levels – which is a strong buy signal.

USDJPY is expected to rise further toward the next resistance level 107.00 (former strong support level from the start of April).

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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The FxPro Tech Analysis Team
Tags: USDJPY

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