USDJPY Technical Analysis Report 01 February, 2021

• USDJPY broke resistance area
• Likely to rise to 105.55

USDJPY currency pair recently broke sharply through the resistance area lying at the intersection of the pivotal resistance level 104.60 (which has been reversing the price from the end of November), 61.8% Fibonacci correction of the previous downward impulse from the start of November and the resistance trendline of the daily down channel from August. The breakout of this resistance area accelerated the active short-term impulse wave 3.

Given the strengthening dollar sentiment on the darkened risk appetite as seen across the global currency markets due to the delays in the vaccination programmes worldwide – USDJPY currency pair is expected to rise further toward the next resistance level 105.55 (former monthly high from November).

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