USDJPY currency pair recently reversed up from the support area located between the support level 128.900 (former resistance from the middle of April, which stopped the previous impulse wave 3), support trendline of the daily up channel from March and the 61.8% Fibonacci correction of the previous upward impulse from the end of last month. The upward
reversal from this support area continues the active impulse 5.
Given the continued yen bearishness – USDJPY currency pair can be expected to rise further toward the next resistance level 131.450 (previous monthly high).