• USDJPY reversed from support level 109.20
• Likely to rise to resistance level 110.60

USDJPY currency pair recently reversed up from the key support level 109.20 (previous monthly low from June and July) – strengthened by the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from the end of April. The upward reversal from the support level 109.20 ended the previous short-term ABC correction 2 from the start of July.

Given clear daily uptrend, USDJPY currency pair can be expected to rise further toward the next resistance level 110.60 (former resistance from June – which has been reversing the pair from the start of June).