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USDJPY Wave Analysis – 04 February, 2019

  • USDJPY broke through resistance area
  • Further gains are likely

USDJPY today broke through the resistance area located between the resistance level 109.70 (which reversed the price multiples times in January) and the 50% Fibonacci correction of the previous downward impulse from September.

The breakout of this resistance area continues the active short-term corrective wave (b) – which belongs to the ABC correction 4 from last month.

USDJPY is expected to rise further and re-test the next resistance level 110.50 (former support from November and September).

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Source: FxPro


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