USDJPY Technical Analysis Report 4 March, 2021

• USDJPY broke the resistance area
• Likely to rise to resistance level 108.00

USDJPY currency pair recently broke the resistance area located between the key resistance level 106.95 (which formed the daily Double Top in August as can be seen from the daily USDJPY chart below) and the 61.8. Fibonacci correction of the previous extended downward impulse from last June. The breakout of this resistance area should accelerate the active minor impulse wave 3.

Given the continued dollar optimism coupled with significant yen outflows on risk sentiment improvement globally – Bitcoin USDJPY currency pair is likely to rise further toward the next resistance level 108.00 (target for the completion of the active impulse wave 3).

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