USD/JPY reversed from resistance zone
- USD/JPY reversed from resistance zone
- Next sell target - 100.00
USD/JPY recently reversed down from the resistance zone lying between the resistance level 103.30 (former support level which stopped the previous intermediate impulse wave (1) in June, as can be seen below) and the 50% Fibonacci correction of the earlier minor impulse wave 1 from the end of wave (2). The downward reversal form this resistance zone accelerated the active intermediate impulse wave (3), which belongs to the primary impulse wave ③ from May.
USD/JPY is likely to fall further to the next sell target at the round support level 100.00 – the breakout of which can lead to further losses toward 99.00 (low of the previous impulse wave 1).