? USD/JPY Bearish Breakout Confirmed and Awaiting Wave-4 Pullback ?

2 min read

Hi traders,

The USD/JPY made a breakout below the support trend line (dotted blue) which is confirming the completion of the wave B (purple) pattern as expected and is making a bearish wave C (purple) likely.


4 hour

The USD/JPY bearish breakout seems to be creating a larger ABC (purple) zigzag pattern within wave Y (pink). Price could fall towards the -27.2% and 50% Fibonacci targets.

1 hour

The USD/JPY seems to have completed 5 bearish waves (green) within wave 3 (blue). A pullback could be part of a wave 4 as long as price stays below the 50% Fibonacci retracement level.

Good trading,
Chris Svorcik
Elite CurrenSea

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