- USDJPY reversed from resistance area
- Further losses are likely
USDJPY recently reversed down from the resistance area lying between the resistance level 112.00 (monthly high from March) and the upper daily Bollinger Band.
The downward reversal from this resistance area started the active short-term ABC correction 2 – which belongs to the upward impulse sequence (3) from last month.
USDJPY is expected to fall further and re-test the next support level 111.00 (low of wave 2 and the target price for the completion of the active correction (ii)).