• USDJPY falling inside sharp C-wave
• Likely to fall to support level 107.00
USDJPY currency pair continues to fall inside the minor impulse wave C which previously broke the support level 108.200 (which stopped the previous waves (iv) and 4 in the middle of March) and the 38.2% Fibonacci correction of the upward impulse from the start of February. The breakout of these support levels strengthened the bearish pressure on this currency pair.
Given the strong bearish U.S. dollar sentient seen across the FX markets today – USDJPY currency pair can be expected to fall further toward the next support level 107.00 (target price for the completion of the active minor impulse wave (iii)). Strong resistance now stands at the resistance level 108.200.