Given the simultaneously bearish USD sentiment and the bullish yen sentiment that can be seen across the FX markets today, USDJPY currency pair can be expected to fall further toward the next key support level 145.85 ,
– USDJPY falling inside sharp c-wave
– Likely to fall to support level 145.85
USDJPY currency pair continues to fall inside the sharp downward c-wave of the minor ABC correction 2 from the start of last month. The price earlier broke the support trendline of the narrow daily up channel from January – which strengthened the bearish pressure on this currency pair. The breakout of this daily up channel follows the earlier downward reversal from the pivotal resistance level 150.70, which stopped the pervious minor waves 1 and b, as can be seen from the daily USDJPY chart below.
Given the simultaneously bearish USD sentiment and the bullish yen sentiment that can be seen across the FX markets today, USDJPY currency pair can be expected to fall further toward the next key support level 145.85 , low of the pervious correction (2) and the target price calculated for the completion of the active weekly impulse wave c.
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