Technical analysis

USDJPY Wave Analysis 11 January, 2021

USDJPY Wave Analysis 11 January, 2021

• USDJPY broke key resistance level 104.00

• Likely to reach 104.65

USDJPY continues to rise strongly after the pair broke above the key resistance level 104.00 (which has been reversing the price from the middle of December).

The breakout of the resistance level 104.00 follows the earlier upward reversal from the key support level 103.00 (which also reversed the pair last month).

USDJPY is expected to rise further toward the next resistance level 104.65 (monthly high from December intersecting with the weekly down channel from March).

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