• USDJPY under bullish pressure
• Likely to rise to resistance level 110.23
USDJPY currency pair under the bullish pressure after the pair reversed up from the combined support zone located between the key support level 109.15 (which has been reversing the price from the start of June, as can be seen from the daily USDJPY chart below), lower daily Bollinger Band and the 61.8% Fibonacci correction of the earlier minor upward impulse wave (i) from the start of August. The upward reversal from this support zone stopped the earlier ABC correction (ii).
Given the clear daily uptrend – USDJPY currency pair can be expected to rise further toward the next resistance level 110.23 (which has been reversing the price from the middle of August, top of the previous short-term corrections a and c).