Technical analysis

USDJPY Wave Analysis – 04 August, 2021

• USDJPY reversed from support zone

• Likely to rise to resistance level 110.50

USDJPY currency pair recently reversed up from the support zone lying between the support level 109.20 (which has been reversing the price from the start of June) and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Given the strong uptrend that can be seen on the daily charts – USDJPY can be expected to rise further toward the next resistance level 110.50 (which stopped the previous correction (b)).

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