- USDJPY broke multi-month support level 104.20
- Likely to fall to 103.00
USDJPY under strong pressure on strengthening expectations of the eventual Biden’s victory in US elections taking place currently. The pair earlier broke sharply below the key multi-month support level 104.20 (which has been reversing the price from July, as can be seen from the daily USDJPY chart below), – which accelerated the active multi-impulse downward sequence consisting of impulse waves (iii), 3 and wave (C) from the start of June.
Given the strong downtrend that can be seen on the daily charts and the growing USD pessimism – USDJPY is expected to fall further toward the next support level 103.00 – the breakout of which will open the way for further losses toward the next support level 102.30 (former powerful support from March and the target for the completion of the active wave (3)).