• USDJPY reversed from long-term support level 103,10
• Likely to rise to 104,24

USDJPY recently reversed up from support area lying between the long-term support level 103,10 (which has been reversing this currency pair from the middle of March, as can be seen from the daily USDJPY chart below). and the lower daily Bollinger Band. The upward downward reversal from this support level 103,10 stopped the previous short-term impulse wave 3 of the medium-term impulse wave (C) from June.

Given the strength of the support level 103,10 and the rising bullish US dollar sentiment seen across the markets today – USDJPY is likely to rise further toward the next resistance level 104,24 (intersecting with the extended daily down channel from March).