? USD/JPY Challenges Key Resistance Zone at 50% Fib ?

Hi traders,

The USD/JPY broke above the resistance trend line (dotted red) and seems to be expanding the wave X (pink) within a larger WXY correction. Price is now challenging a key 50% Fibonacci retracement level.

USD/JPY

4 hour

The USD/JPY 50 and 61.8% Fibs could be bearish bouncing spots and a break below the support trend line (blue) would confirm the end of wave X and the start of wave Y within wave E.

1 hour

The USD/JPY could still have one more bullish swing available if it builds a shallow correction within wave 4 (blue). A break below the 50% Fib makes a bearish continuation more likely.

Good trading,
Chris Svorcik
Elite CurrenSea