USDJPY currency pair can be expected to rise to the next resistance level 164.00 (target price for the completion of the minor impulse wave iii).
- USDJPY broke multi-month resistance level 160.20
- Likely to rise to resistance level 164.00
USDJPY currency pair is under the bullish pressure after the price broke above the strong multi-month resistance level 160.20 (which has been reversing the price from the end of March, as can be seen from the daily USDJPY chart below). The breakout of the resistance level 160.20 accelerated the active minor impulse wave iii, which belongs to the higher-order impulse sequence iii from the end of January.
Given the strong daily uptrend and the continuation bearish yen sentiment that can be seen across the currency markets today (due to the wide intersect rate differential between Japan and USA fuelling global carry trade), USDJPY currency pair can be expected to rise to the next resistance level 164.00 (target price for the completion of the minor impulse wave iii, intersecting with the weekly up channel from January).
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