USDJPY recently reversed up with the daily Hammer from the key support level 105.00 – which started the
active short-term impulse wave (c). The price earlier broke the resistance trendline of the daily down channel from June – which added to the bullish pressure on USDJPY. Given the rising bullish U.S. dollar sentiment seen across the currency markets today, USDJPY is likely to rise further toward the next resistance level 106.60 (target price for the completion of the active corrective wave (ii) from the middle of September).