? USD/JPY Prepares Ascending Wedge Chart Pattern?

2 min read

Hi traders,

The USD/JPY remains stuck in a large consolidation zone. A break above the resistance or below the support trend lines is needed before a larger breakout is likely.

USD/JPY

4 hour


The USD/JPY seems to have completed a wave C (blue) correction but price needs to break the triangle pattern (red/blue lines) before a new uptrend is possible.

1 hour


The USD/JPY broke the resistance trend line (dotted orange) of the falling wedge chart pattern. It is now building an ascending wedge chart pattern. The trend lines are key and offer bounce and breakout spots but for the moment a bullish ABC seems slightly more likely.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of