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USDJPY Wave Analysis – 22 January, 2019

  • USDJPY reversed from resistance area
  • Further losses are likely

USDJPY recently reversed down from the resistance area located between the key resistance level 109.80 (former multi-month support from August) and the 50% Fibonacci correction of the previous sharp downward impulse from September.

The downward reversal from this resistance area stopped the previous medium-term upward impulse wave (3) from the start of January.

Given the overbought reading on the daily Stochastic indicator – USDJPY is expected to fall further and re-test the next key support at 109.00.

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Source: FxPro


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