USDJPY: ⬆️ Buy
– USDJPY reversed from pivotal support level 160.50
– Likely to rise to resistance level 163.00
USDJPY currency pair recently reversed from the support area zone between the pivotal support level 160.50 (former monthly high from March and April), 38.2% Fibonacci correction of the upward impulse from March and the support trendline of the daily up channel from May.
The upward reversal from this support area will most likely form the daily Japanese candlesticks reversal pattern Morning Star.
Given the strong daily uptrend and strong US dollar inflows, USDJPY currency pair can be expected to rise to the next resistance level 163.00.
, 38.2% Fibonacci correction of the upward impulse from March and the support trendline of the daily up channel from May.){kind=link}