• USDJPY reversed from support area
• Likely to reach resistance level 109.40
USDJPY currency pair recently reversed up from the support area between the support level 108.00 (which stopped the pervious minor correction (iv) at the start of March, as can be seen below) and the upper trendline of the recently broken up channel from January (acting as the support after it was broken). The upward reversal from the support level 108.00 stopped the earlier short-term corrective wave 4.
Given the predominant daily uptrend and the continuation of the yen bearishness seen across the last few trading weeks – USDJPY currency pair can be expected to rise further toward the next resistance level 109.40 (top of the previous impulse wave 3 from the middle of March).