USD/JPY Uptrend Completes Wave 3 and Retraces for Wave 4
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Hi traders,
the USD/JPY bullish momentum seems to be on its way towards the next resistance level at 110.
USD/JPY
4 hour
Price could now be building a larger triangle on the higher time frames, which is currently a wave D (light purple). The 38.2% Fib is around 110 and could be the first resistance level where price might complete the first part of the correction (wave W pink) and make a bearish retracement.
1 hour
The USD/JPY made a bullish bounce at the 23.6% Fibonacci level at wave 4 (orange) and made it up to the -27.2% Fibonacci target where it is taking a pause. A next bullish breakout could take price to the -61.8% Fib target at 110. A bearish retracement could find support at the Fibonacci levels of wave 4 vs 3 (green).
Good trading,
Chris Svorcik
Elite CurrenSea
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