• USDJPY broke resistance area
• Likely to reach resistance level 111.60
USDJPY currency pair continues to rise strongly after the earlier breakout of the resistance area lying between the key resistance level 109.40 (top of the previous impulse wave 3) and the resistance level 109.80 (previous multi-month high from the start of June). The breakout of this resistance area accelerated the active minor upward impulse wave 5 which belongs to the multi-month upward impulse sequence from the start of January.
Given the strong daily uptrend and the strengthening U.S. dollar bullish sentiment seen across the FX markets today – USDJPY currency pair is likely to rise further toward the next key resistance level 111.60 (monthly high from March of 2020 and the target price for the completion of the active impulse wave 5).