Technical analysis

USDJPY Wave Analysis – 23 July, 2021

• USDJPY reversed from support zone
• Likely to rise to resistance level 111.00

USDJPY currency pair recently reversed up from the support zone lying between the support level 109.20 (previous monthly low from June), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from April.

The upward reversal from this support zone started the active impulse wave 3.

USDJPY can be expected to rise toward the next resistance level 111.00 (previous strong resistance from March and June).

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