USDJPY currency pair continues to rise inside the short-term upward impulse wave (iii) – which belongs to the impulse wave 3 of the longer term upward impulse sequence (3) from last August. The active impulse wave (iii) started earlier when the pair reversed up from the significant support level 113.50, as can be seen from the daily yen chart below. Given the strongly bearish yen sentiment seen across the FX markets today – USDJPY currency pair can be expected to rise further toward the next resistance level 115.65 (top of wave (i) from the end of last month) – followed by the resistance level 116.25 (monthly high from January)