USDJPY currency pair can be expected to rise further toward the next resistance level 158.00, which stopped the previous impulse wave i.
– USDJPY reversed from support area
– Likely to rise to resistance level 158.00
USDJPY currency pair recently reversed up from the combined support area located between the key support level 154.80 (former resistance from April, which stopped the previous minor downward correction ii last month, as can be seen from the weekly USDJPY chart below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from March. The upward reversal from this support area created the daily Bullish Engulfing, which stopped the previous minor correction ii .
Given the strength of the support level 154.80 and the clear daily uptrend, USDJPY currency pair can be expected to rise further toward the next resistance level 158.00, which stopped the previous impulse wave i.
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