• USDJPY reversed from support area
• Likely to rise to resistance level 110.20
USDJPY currency pair continues to rise after it reversed up from the support area lying between the key support level 109.20 and the 61.8% Fibonacci correction of the previous sharp upward impulse (i) from the end of May. The upward reversal from this support zone started the active short-term corrective wave (iii).
Given the prevailing uptrend and the rising US dollar bullish sentiment seen across the FX markets today – USDJPY currency pair can be expected to rise further toward the next resistance level 110.20 (top of the previous impulse wave (i) from the start of this month).