- USDJPY broke daily up channel
- Likely to fall to 106.80
USDJPY recently broke the lower support trendline of the daily up channel from the start of May – which should accelerate the active short-term impulse wave 3.
The active wave 3 started earlier when the pair reversed down with the Bearish Engulfing from the resistance area surrounding the key resistance level 109.30 (monthly high from April).
USDJPY is likely to fall further toward the next support level 106.80 (former support from the middle of May).