☝️ USD/JPY Prepares for Bullish ABC Zigzag Pattern ☝

2 min read

Hi traders,

The USD/JPY bearish retracement after bouncing at the 61.8% Fibonacci retracement level has been slow and corrective so far which is indicating that a larger bullish wave Y (purple) is likely.


4 hour

The USD/JPY bullish breakout could aim for the 78.6% Fibonacci retracement level which is a key decision zone. A bearish bounce at the Fib is needed if the wave Y (purple) is indeed the correct wave pattern.

1 hour

The USD/JPY seems to have completed a bearish ABC (green) pattern within wave B (blue). A break above the resistance trend lines would confirm the bullish ABC (blue) pattern.

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Good trading,
Chris Svorcik
Elite CurrenSea

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