USDJPY currency pair can be expected to rise to the next resistance level 144.00 (former support from the start of April, which stopped the previous impulse wave i).
- USDJPY reversed from long-term support level 140.35
- Likely to rise to resistance level 144.00
USDJPY currency pair recently reversed up from the support area between the strong long-term support level 140.35 (which stopped the previous intermediate impulse wave (1) in the middle of September as can be seen from the daily USDJPY chart below) and the lower daily Bollinger Band. The upward reversal from this support created the daily Japanese candlesticks reversal pattern Hammer, which stopped the area accelerated the earlier short-term impulse wave 3, which belongs to medium-term impulse sequence (3) from the start of January.
Given the strength of the support level 140.35 and the bullish US dollar sentiment that can be seen across the FX markets today, USDJPY currency pair can be expected to rise to the next resistance level 144.00 (former support from the start of April, which stopped the previous impulse wave i).
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