USD/JPY reversed from resistance zone
By: Dmitriy Chernovolov
- USD/JPY reversed from resistance zone
- Next sell target - 109.00
USD/JPY recently reversed down from the resistance zone lying between the pivotal resistance level 111.40 (former strong support level which reversed the price in February and March) and the 61.8% Fibonacci correction of the previous sharp minor impulse wave (i) from the end of March. The downward reversal from this resistance zone stopped the previous minor ABC correction (ii) which belongs to impulse 5 of the intermediate (C)-wave from last November.
USD/JPY is likely to fall further to the next sell target at the support level 109.00. Sell stop-loss can be placed above the aforementioned resistance level 111.40.