NZD/JPY falling inside minor impulse wave C Next sell target - 76…
USD/JPY broke resistance level 112.90
- USD/JPY broke resistance level 112.90
- Next buy target - 114.00
USD/JPY has been rising in the last few trading sessions inside the minor impulse wave 3 which broke through the resistance trendline of the daily down channel from the end of October and the resistance level 112.90 – which stopped the pair earlier this month. USD/JPY is expected to rise to the next buy target at the next resistance level 114.00 (which reversed the price in October and November).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.