USDJPY recently broke through the resistance zone located between the powerful, multi-month resistance level 109.500 (which has been reversing the price from last July) and the 61.8% Fibonacci correction level of the previous sharp downward impulse from April. Given the predominantly bearish sentiment seen affecting the Yen today – USDJPY is likely remain under the bullish pressure and to extend the gains in the active impulse wave (3) toward the next resistance level 110.500 (former key resistance level from May of 2019).
