? USD/JPY Bearish Pressure Challenges Support and Triangle ?

2 min read

Hi traders,

The USD/JPY has either completed a bearish wave A (orange) or price is still in a wave 4 with one more push lower (wave 5) remaining. In any case, bearish pressure is dominating the chart and a breakout below the support trend line would confirm that.


4 hour

The USD/JPY breakout could confirm a bearish wave C or wave 5 whereas a bigger bullish bounce could test and turn at the Fibonacci resistance levels of wave B vs A. The ABC pattern is probably part of a larger wave E after price completed a wave D (purple) most likely at the recent top.

1 hour

The USD/JPY triangle chart pattern is critical for the next direction of the USD/JPY. A bullish breakout above the resistance trend line (orange) indicates a larger move up to test the Fib levels of wave B whereas a bearish breakout could confirm the start of wave C or a new lower within wave 5 (which could complete wave A at a lower spot).

Good trading,
Chris Svorcik
Elite CurrenSea

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