- USD/JPY reached sell target 106.00
- Next buytarget - 110.00
USD/JPY continues to rise following the earlier upward reversal from the support level 106.00, which was set in our previous forecast as the sell target for this currency pair. The support zone near the support level 106.00 was strengthened by the lower daily Bollinger Band. The upward reversal from this support zone stopped the earlier minor impulse wave (iii) – which belongs to impulse wave 5 from the start of March.
USD/JPY is likely to rise further toward the next buy target at the resistance level 110.00 (intersecting with the resistance trendline of the daily down channel from the start of February).