? USD/JPY Retraces Back to Critical Resistance Zone ?

2 min read

Hi traders,

The USD/JPY is building a bullish retracement back to the resistance trend lines and Fibonacci levels of wave B, which are key bounce or break zones.

USD/JPY

4 hour


The USD/JPY could make a bearish turn at the resistance zone if the wave patterns play out as expected via a potential wave ABC (blue) within wave Y (purple).

1 hour


The USD/JPY is building a bullish channel. A break below the channel could indicate the end of the wave B whereas a break above the resistance could make it less likely. A break above the 100% Fib invalidates the ABC.

Good trading,
Chris Svorcik

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