Category: Forex News, News

USDJPY Technical Analysis Report 10 July, 2024

By Published On: July 10, 20241.2 min readViews: 700 Comments on USDJPY Technical Analysis Report 10 July, 2024

USDJPY currency pair can be expected to rise further toward the next resistance level 162.00 (top of the previous impulse wave iii)

– USDJPY reversed from support zone

– Likely to rise to resistance level 162.00

USDJPY currency pair recently reversed up from the strong support zone located between the powerful support level 160.00 (former strong resistance which stopped the previous impulse wave 3 at the end of April, as can be seen below) and the 20-day moving average. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Doji – which marked the end of the previous short-term ABC correction iv.

Given the clear daily uptrend and the strongly bullish USD sentiment seen across the FX markets today, USDJPY currency pair can be expected to rise further toward the next resistance level 162.00 (top of the previous impulse wave iii) – the breakout of which can lead to further gains toward 164.00.

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