Given the clear daily uptrend and the bullish US dollar sentiment seen today, USDJPY currency pair can be expected to rise to the next resistance level 156.00 (former support from December). The breakout of the resistance level 156.00 can open the way for further gains toward 158.00, which stopped the previous impulse wave i.
- USDJPY reversed from the support area
- Likely to rise to resistance level 156.00
USDJPY currency pair recently reversed from the support area located between the key support level 152.00 (which stopped the earlier wave ii in January, as can be seen from the USDJPY chart below), support trendline of the daily up channel from September and the 50% Fibonacci correction of the upward impulse from the start of September. The upward reversal from this support area started the active short-term impulse wave iii, which belongs to the intermediate impulse wave 3 from last September.
Given the clear daily uptrend and the bullish US dollar sentiment seen today, USDJPY currency pair can be expected to rise to the next resistance level 156.00 (former support from December). The breakout of the resistance level 156.00 can open the way for further gains toward 158.00, which stopped the previous impulse wave i.
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