• USDJPY reversed from resistance area
• Likely to fall to support level 110.00
USDJPY currency pair recently reversed down from the resistance zone located between the key round resistance level 111.00 (which stopped the sharp uptrend at the end of March, as can be seen form the daily USDJPY chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous upward impulse waves (iii) and 3.
Given the strength of the aforementioned resistance zone – USDJPY currency pair can be expected to fall further toward the next support level 110.00 (former strong resistance from May).