USDJPY Technical Analysis Report 17 January, 2022

• USDJPY reversed from support zone
• Likely to rise to resistance level 115.00

USDJPY currency pair continues to rise strongly after the earlier upward reversal from the support zone lying between the key support level 113.50 (which has been reversing the price from the start of December), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse wave 3 from the start of last month. The upward reversal from this support zone created the daily Hammer.

Given the clear daily uptrend and the rising bullish USD sentiment that can be seen across the FX markets today – upward reversal from the support zone can be expected to extend the gains toward the next resistance level 115.00 (target for the end of the active wave (b)).

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