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USDJPY Technical Analysis Report 1 March, 2021

USDJPY

• USDJPY broke key resistance area
• Likely to reach resistance level 107.00

USDJPY currency pair recently broke the key resistance area lying between the strong resistance level 106.00 (which has been reversing the price from the start of October) and the 50% Fibonacci correction of the previous extended downward impulse (C) from the start of June. The breakout of this resistance area accelerated the active short-term impulse wave 3.

Given the proximity of the price area (acting as support after it was broken) and the strengthening bullish USD sentiment seen across the FX markets today – USDJPY currency pair is likely to rise further toward the next resistance level 107.00 (monthly high from August).

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