? USD/JPY Expects Bullish Break above Wave 4 Pattern ?

2 min read

Hi traders,

The USD/JPY remains in an uptrend but price action is building a corrective triangle chart pattern. A bullish breakout could indicate a continuation higher towards the -27.2% Fibonacci target at 113.23.

USD/JPY

4 hour


The USD/JPY bullish momentum could complete a wave C (green) of waves Y at the -27.2% or -61.8% Fibonacci target.

1 hour


The USD/JPY bounced at the 38.2% Fibonacci retracement level and is now building a triangle chart pattern. A bullish breakout could confirm the end of wave 4 and start of wave 5 (green). A break below the 61.8% Fib support makes a wave 4 pattern unlikely.

Good trading,
Chris Svorcik
Elite CurrenSea

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