USD/JPY Technical Analysis

USDJPY Technical Analysis Report – 13 September, 2021

USDJPY currency pair rising strongly today – after the pair reversed up from the pivotal support zone lying at the intersection of the key support level 109.65 (which has been repeatedly reversing this currency pair from the end of August, as can be seen from the daily USDJPY chart below), support trendline from April and the 61.8% Fibonacci correction of the previous sharp minor upward impulse wave (i) from the middle of last month.

The upward reversal form the aforementioned support zone created the daily Japanese candlesticks reversal pattern Piercing Line – which continues the active multi-impulse upward sequence made out of the impulse waves (iii), 3 and (3).

The intraday analysis of FX sentiment identifies USDJPY as the top sentiment affected pair – under the combined effect of the rising USD sentiment and also the falling YEN sentiment. This adds to the probability USDJPY currency pair will soon text the next key resistance level 110.40 (which stopped the previous upward impulse wave (i) at the end of August).

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