USDJPY Technical Analysis 29 October, 2021

• USDJPY reversed from support zone
• Likely to test resistance level 114.62

USDJPY currency pair recently reversed up from the support zone lying between the key support level 113.4 (low of the previous minor corrective (iv) from the start of October), 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from the start of October. The upward reversal from this support zone continues the active impulse waves 3 and (3) – from September and April respectively.

Given the clear daily 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 key resistance level 114.62 (top of wave (i)).

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