USDJPY Technical Analysis Report 6 May, 2024

Dmitry Chernovolov Market Analyst

USDJPY currency pair can be expected to rise further toward the next resistance level 156.00 (top of the previous reversal high from the start of May).

– USDJPY reversed from support zone

– Likely to rise to resistance level 156.00

USDJPY currency pair recently reversed up from the powerful support zone lying between the major support level 152.00 (former multi month high from last November, acting as the support after it was broken in April as can be seen from the daily USDJPY chart below), lower daily Bollinger band and the 38.2% Fibonacci correction of the previous upward impulse from December. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer – which marked the end of the previous corrective wave 4.

Given the clear daily uptrend and the widespread bearish sentiment affecting the yen across the FX markets today, USDJPY currency pair can be expected to rise further toward the next resistance level 156.00 (top of the previous reversal high from the start of May).

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