USDJPY Wave Analysis 9 July 2024

– USDJPY reversed from the key support level 160.00

– Likely to rise to the resistance level 162.00

USDJPY currency pair recently reversed up from the key support level 160.00 (former resistance from April, which stopped the previous impulse wave (1)).

The upward reversal from the support level 160.00 started the active minor impulse wave v, which belongs to the impulse wave 3 from the start of June.

Given the predominant daily uptrend and the bullish USD sentiment, USDJPY currency pair can be expected to rise further to the next resistance level 162.00 (which stopped the previous impulse wave iii at the start of July).