• USDJPY broke key resistance level 110.30
• Likely to rise further
USDJPY recently rose sharply – breaking through the resistance area lying between key resistance level 110.30 (top of the previous correction (a)) and the 61.8% Fibonacci correction of the previous downward impulse 1 from the middle of May.
The breakout of this resistance area accelerated the active short-term impulse wave (c) – which belongs to the ABC correction 2 from the end of May.
USDJPY is likely to rise further and retest the next resistance level 111.35 (top of the previous corrective wave (2) from May and the target price for the completion of the active wave 2).