USDJPY Might Have Found The Top
May 3, 2024

USDJPY

This year JPY hit new lows across the board in last few weeks even though BOJ decided to end its ultra-loose policy, by raising rates for 10bp in March. USDJPY broke higher, out of a triangle on a daily chart, so we know that this is most likely final leg with a higher degree wave III/C. In fact, there was a nice push up to 160 resistance not seen since 1990, which was the area of a current sharp reversal after Japan intervention. That being said, be aware of a reversal down within a higher degree decline in minimum three waves, which can send the price at least back down to 137 – 127 area.

USDJPY Might Have Found The Top USDJPY Daily Chart
USDJPY Daily Chart

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