• USDJPY approaching major resistance level 111.70
• Likely to rise to resistance level 112.30
USDJPY currency pair continues to rise after the price broke through the major resistance level 111.00 (which stopped the weekly upward impulse wave (1) earlier this year – as can be seen from the weekly USDJPY chart below). The breakout of the resistance level 111.00 accelerated the active impulse waves 3 and (3). The price is currently approaching the major resistance level 111.70 (monthly high from March of 2020).
If the pair breaks above the resistance level 111.00 – USDJPY currency pair can then be expected to rise further toward the next resistance level 112.30 (multi-year high from last year and the target for the completion of the active impulse wave 3).