USD/JPY reversed from resistance zone
- USD/JPY reversed from resistance zone
- Next sell target - 104.30
USD/JPY today reversed down from the resistance zone lying between the resistance level 104.30 (which also earlier reversed the previous intermediate impulse wave (1) in September, as can be seen from the daily USD/JPY chart below), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous primary ABC correction ② from July.
With the daily Stochastic indicator still moving in the overbought zone - USD/JPY is expected to fall down further to the next sell target at the support 103.00. Sell stop-loss can be placed above the aforementioned resistance level 104.30.