USDJPY Technical Analysis 11 October, 2021

• USDJPY broke resistance level 112.00
• Likely to rise to resistance level 114.00

USDJPY currency pair continues to rise after the price broke the key resistance level 112.00 (which stopped the previous short-term impulse wave (i) at the end of September). The breakout of the resistance level 112.00 accelerated he active short-term impulse wave (iii), which belongs to waves (3) and 3 from August and April respectively.

Given the clear daily uptrend and the strongly bearish yen sentiment seen across the FX markets today, USDJPY currency pair can be expected to rise further toward the next resistance level 114.00 (top of the daily up channel from Septembers and the target for the completion of the active short-term impulse wave (iii)).

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