#Silver and #USDJPY Wave Analysis (08 JUNE 2022)
Silver Wave Analysis
- Silver reversed from key resistance level 22.40
- Likely to fall to support level 21.50
Silver recently reversed down from the key resistance level 22.40 (which has been reversing the price from the end of May).
The resistance level 22.40 was further strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse from the start of May.
Silver can be expected to fall further toward the next support level 21.50 (low of the previous corrective wave (b)).
USDJPY Wave Analysis
- USDJPY broke resistance level 131.20
- Likely to reach resistance level 135.00
USDJPY continues to rise after the earlier breakout of the resistance level 131.20 (top of the previous impulse waves (iii) and (1)).
The breakout of the resistance level 131.20 accelerated the active sharp upward impulse wave (3).
USDJPY can be expected to rise further toward the next resistance level 135.00 (the target price for the completion of the active impulse wave (3)).
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