USDJPY currency pair be expected to rise to the next resistance level 157.75 (former strong support from March and April).
USDJPY reversed from support area
Likely to rise to resistance level 157.75
USDJPY currency pair recently reversed up from the support area between the strong support level 155.65 (which has been reversing the price from the end of February, as can be seen from the daily USDJPY chart below), lower daily Bollinger Band, support trendline of the daily up channel from last September and the 61.8% Fibonacci correction of the upward impulse from February. The upward reversal from this support area started the active short-term impulse wave iii – which belongs to the strong intermediate impulse wave (1) from last year.
Given the improved US dollar sentiment that can be seen across the FX markets today, USDJPY currency pair be expected to rise to the next resistance level 157.75 (former strong support from March and April).
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