USDJPY currency pair can be expected to rise to the next resistance level 163.00 (which stopped earlier impulse wave at the end of June).
- USDJPY reversed from support zone
- Likely to rise to resistance level 163.00
USDJPY currency pair recently reversed up from the support area located between the key support level 160.50 (former strong resistance which stopped the previous minor impulse wave i at the end of April, as can be seen from the daily USDJPY chart below) and the 38.2% Fibonacci correction of the upward impulse from the start of May. The upward reversal from this support zone is likely to form the daily Japanese candlewicks reversal pattern Morning Star – strong buy signal for USDJPY.
Given the clear daily uptrend and the bullish US dollar sentiment seen across the FX markets today, USDJPY currency pair can be expected to rise to the next resistance level 163.00 (which stopped earlier impulse wave at the end of June).