Technical analysis

USDJPY Wave Analysis – 9 July, 20211

• USDJPY reversed from support level 109.70
• Likely to rise to resistance level 111.00

USDJPY currency pair recently reversed up from the key support level 109.70 (low of the previous correction (iv) from June) intersecting with the lower daily Bollinger band.

The support zone near the support level 109.70 was strengthened by the 50% Fibonacci retracement of the previous sharp upward impulse from April.

USDJPY can be expected to rise further toward the next resistance level 111.00 (former resistance level from the end of June).

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