USDJPY currency pair can be expected to rise further toward the next resistance level 160.00, target price for the completion of the active impulse sequence (C).
– USDJPY broke resistance level 154.00
– Likely to rise to resistance level 160.00
USDJPY currency pair under the strong bullish pressure after the price broke above the key resistance level 154.00. This price level then served as the support level – forming the bottom of the subsequent minor correction ii. This correction belongs to the impulse wave 3 of the higher order upward impulse sequence (C) from the start of this year – which is in turn a part pf the primary ABC correction from last year, as can be seen below.
Given the persistent daily uptrend and the strongly bearish sentiment affecting the yen today, USDJPY currency pair can be expected to rise further toward the next resistance level 160.00, target price for the completion of the active impulse sequence (C).
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