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USDJPY Wave Analysis – 18 January, 2019

  • USDJPY rising inside impulse wave ③
  • Further gains are likely

USDJPY continues to rise inside the long-term impulse wave ③, which started previously from the support area lying between the long-term support level 104.60 (which stopped the weekly downtrend in 2018) and the lower weekly Bollinger Band.

The upward reversal from the aforementioned support area created the weekly Japanese candlesticks reversal pattern Hammer – standing well outside of the lower weekly Bollinger Band.

USDJPY is expected to rise further and re-test the next resistance level 110.00 (former support from August).

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Source: FxPro


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