LeoPrime Daily Market Analysis

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USDJPY broke resistance zone; Likely to reach resistance level 111.600.

USDJPY currency pair continues to rise sharply after the price broke the resistance zone located between the long-term resistance level 109.850 (multi-month high from last June) and the resistance level 109.450 (top the previous sharp upward impulse wave (iii)). The breakout of this resistance zone accelerated the active impulse wave C. Given the sharp daily uptrend and the strong U.S. dollar bullishness seen today – USDJPY currency pair can be expected to rise further toward the next resistance level 111.600 (former monthly high from March of 2020 and the target for the completion of the active impulse wave C).

 

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