The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
USD/JPY reversed from support zone
- USD/JPY reversed from support zone
- Next buy target - 112.00
USD/JPY continues to rise inside the intermediate impulse wave (3) – which started earlier from the combined support zone lying between the support level 109.00 (which also stopped the previous primary ABC correction ② in the middle of April), lower daily Bollinger Band and the 50% Fibonacci retracement of the upward impulse form November. The upward reversal form this support zone created the daily Bullish Engulfing. USD/JPY is expected to rise to the next buy target at the next resistance level 112.00 (top of wave B from May).
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.