USDJPY currency pair can be expected to rise further toward the next resistance 150.70 (top of the previous impulse waves (1) and B).
– USDJPY reversed from key support level 146.35
– Likely to rise to resistance 150.70
USDJPY currency pair recently reversed up from the key support level 146.35, which stopped the previous minor correction 4 at the end of January. The support level 146.35 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the previous sharp upward impulse (1) from the end of December. The upward reversal from the support level 146.35 started the active intermediate impulse wave (3).
Given the clear daily uptrend and the continuation of the bearish yen sentiment, USDJPY currency pair can be expected to rise further toward the next resistance 150.70 (top of the previous impulse waves (1) and B).
