• USDJPY reversed from key support level 103.00
• Likely to rise to 104.60
USDJPY currency pair continues to rise sharply after the price reversed up from the key support level 103.00 (former monthly low from the middle of December) – standing near the lower daily Bollinger Band. The pair earlier broke the resistance trendline of the weekly down channel from March of 2019 – which added to the bullish pressure on this currency pair- accelerating the active impulse wave (iv).
Given the strength of the support level 103.00 and the predominantly USD-bullish sentiment seen today – USDJPY is expected to rise further toward the next resistance level 104.60 (which has been reversing the price from the end of November).