USD/JPY: sell target - 109.00
By: Dmitriy Chernovolov
- USD/JPY broke pivotal support level 111.00
- Next sell target - 109.00
USD/JPY recently broke the pivotal support level 111.00 (which has been reversing the price from the middle of February, as can be seen below). The breakout of this support level is likely to accelerate the active minor impulse wave 5 – which started earlier - when the pair reversed down from the lower trendline of the daily down channel from last June (acting as resistance now, after it was broken by the previous minor impulse wave 3 in February).
USD/JPY is likely to fall in the active minor impulse wave 5 toward the next sell target at the support level 109.00. Strong resistance now stands at 111.00.