USD/JPY: buy target
• USD/JPY reached buy target 120.500
• Next buy target - 121.70
USD/JPY last weekly broke above the resistance level 120.500 (which stopped previous minor impulse 1) that was set as the buy target in our previous report for this currency pair. The breakout of this resistance level accelerated the active minor impulse wave 3 of the 5th intermediate impulse (5) from the middle of December (as you can see from the daily USD/JPY chart below). This minor impulse started when the pair reversed up from the support zone surrounding the support level 118.50.
Having recently closed above the resistance level 120.50, USD/JPY can be expected to rise further to the next buy target at 121.70 (previous major resistance level which stopped the sharp intermediate impulse wave (3) last December). Buys top-loss can be placed below 120.50.