USDJPY Technical Analysis Report 05 February, 2021

• USDJPY broke key resistance level 105.55
• Likely to reach resistance level 106.00

USDJPY currency pair continues to rise strongly after the earlier breakout of the key resistance level 105.55 (former monthly high from November) – standing close to the 38.2% Fibonacci correction of the pervious downward impulse from June. The breakout of the resistance level 105.55 should accelerate the active impulse wave 3 from the end of January.

Given the continuous strong bullish USD sentiment seen across the FX markets today – USDJPY currency pair can be expected to rise further toward the next resistance level 106.00 (former monthly high from October and the forecast price for the completion of the active impulse wave 3).

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