USD/JPY broke support zone

USD/JPY broke support zone

  • USD/JPY broke support zone
  • Next sell target - 109.00

USD/JPY continues to fall inside the minor impulse wave (iii) – which belongs to the C-wave of the intermediate ABC correction (B) from the middle of December. The price earlier broke through the support zone lying between the support level 122.00 (which reversed earlier waves A and (b) in February, as can be seen below), support trendline of the daily down channel from January and the 38.2% Fibonacci correction of the upward impulse from November. 

The breakout of the aforementioned support zone intensified the bearish pressure on this currency pair. USD/JPY is expected to fall further toward the next sell target at the support level 109.00.

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