USDJPY Technical Analysis Report 13 August, 2021

• USDJPY reversed from resistance area
• Likely to fall to support level 109.00

USDJPY currency pair recently reversed down with the daily candlesticks reversal pattern Shooting Star from the resistance area located between the key resistance level 110.58 (which has been reversing the pair from the start of July), upper daily Bollinger and the 61.8% Fibonacci correction of the downward correction 2 from the start of July. The downward reversal from this resistance area stopped the previous sharp upward impulse wave 3.

Given the strongly bullish yen sentiment and the equally strongly bearish dollar sentiment – USDJPY currency pair can be expected to fall further toward the next support level 109.00 (previous monthly low from the middle of July).

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