USD/JPY reversed from resistance zone
- USD/JPY reversed from resistance zone
- Next sell target - 102.00
USD/JPY continues to fall inside the intermediate impulse wave (3) - which started earlier – when the pair reversed down from the resistance zone lying between the resistance level 108.00 (previous buy target), 38.2% Fibonacci correction of the previous downward impulse from January and the resistance trendline of the daily down channel from the start of this year.
The downward reversal from the aforementioned resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing. USD/JPY is expected to continue to fall toward the next sell target at the support level 102.00.