LeoPrime Daily Market Analysis

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USDJPY broke daily up channel; Likely to fall to 105.200

USDJPY continues to fall after the earlier breakout of the support trendline of the daily up channel from the end of July. The price earlier reversed down with the Evening Star from the resistance area lying between the resistance level 107.000 and the 50% Fibonacci correction of the previous downward impulse from the start of June. Given the moderately bearish U.S. dollar sentiment seen across the FX markets – USDJPY is likely to fall further toward the next round support level 105.200 (low of the (b)-wave of the previous ABC correction (ii)).

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