USDJPY currency pair can be expected to fall to the next support level 159.50 (low of the previous correction iv).
- USDJPY reversed from resistance zone
- Likely to fall to support level 159.50
USDJPY currency pair recently reversed down from the resistance zone between the long-term resistance level 160.50 (which has been reversing the price from the end of March, as can be seen from the daily USDJPY chart below) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous short-term impulse wave iii – which belongs to the intermediate impulse wave 3 from the end of last year.
Given the strength of the aforementioned resistance zone, overbought daily Stochastics and the bullish yen sentiment as seen across FX markets today , USDJPY currency pair can be expected to fall to the next support level 159.50 (low of the previous correction iv).
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