USDJPY Technical Analysis Report 31 May, 2021

• USDJPY reversed from round resistance level 110.00
• Likely to fall to support level 109.50

USDJPY currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Shooting Star Doji from the round resistance level 110.00, standing above the upper daily Bollinger Band. The downward reversal from the resistance level 110.00 stopped the previous short-term impulse wave 3 – of wave (3) from April.

Given the bearish divergence on the daily Stochastic indicator, moderately bullish yen sentiment seen across the currency markets today – USDJPY currency can be expected to fall further toward the next support level 109.50 (which stopped the previous short-term impulse wave 1 earleir this month).

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