Wave Tech Analysis

FxPro Forex Analysis: USDJPY Wave Analysis – 12 July , 2018

USDJPY rising inside impulse wave 3
• Likely to rise further

USDJPY continues to rise inside the strong upward impulse wave 3, which previously broke through the major resistance level 111.00 (which has been steadily reversing the price from the middle of May, as can be seen below).

The breakout of the resistance level 111.00 accelerated the active minor impulse wave 3, which belongs to the medium-term impulse wave (3) from the end of May.

USDJPY is likely to rise further and re-test the next resistance level 113.00 (intersecting with the resistance trendline of the wide weekly down channel from last year).

USDJPY - Primary Analysis - Jul-12 1716 PM (1 day)