• USDJPY broke resistance level 110.60
• Likely to rise to resistance level 111.65

USDJPY currency pair continues to rise after breaking the key resistance level 110.60 (which is the upper boundary of the sideways rice range inside which the pair has been trading from the start of July). The breakout of this resistance level accelerated the active impulse waves 3 and (iii) – both of which are a part of the intermediate upward impulse sequence (3) from the start of August.

Given the strong multi-month uptrend and rising USD bullishness seen today, USDJPY currency pair can be expected to rise further toward the next resistance level 111.65 (previous multi-month high from July, which stopped the earlier extended uptrend and the target price for the completion of the active impulse waves (iii)).