USDJPY currency pair recently reversed up from the support zone lying between the support level 108.550 (which has been reversing the price from the end of April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse 1 from April. The upward reversal from this support zone started the active short-term impulse wave 3. Given the strong daily uptrend – USDJPY currency pair can be expected to rise further toward the next resistance level 109.700 (top of the previous impulse wave 1).
