• USDJPY broke resistance area
• Likely to rise to resistance level 111.60
USDJPY currency pair continues to rise after recently breaking the resistance area lying between the key resistance level 110.50 (which has been repeatedly reversing the price from the start of July, as can be seen from the daily USDJPY chart below) and the 61.8% Fibonacci correction of the previous ABC correction 2 from the start of July. The breakout of this resistance area accelerated the active impulse waves (iii), 3 and (3).
Given the clear multi-month uptrend and the rising bullish USD sentiment seen across the FX markets today, USDJPY currency pair can be expected to rise further toward the next resistance level 111.60 (top of the previous impulse wave 1 from the start of July).