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USD/JPY broke daily down channel

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  • USD/JPY broke daily down channel
  • Next buy target - 1.7000

USD/JPY continues to rise inside the intermediate impulse wave (3) – which previously broke the resistance trendline of the wide daily down channel from March (which has enclosed the most of the previous primary ABC correction ②). The active wave started previously from the support zone lying between the key support level 111.70 (low of wave 2) and the 50% Fibonacci correction of the upward impulse from September. USD/JPY is expected to rise to the next buy target at the next resistance level 114.40.

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