USD/JPY Respects Resistance Zone and Retraces Swiftly

3 min read


4 hour


The EUR/USD price action is in a range and is expected to make deeper retracement for wave X (brown) unless price breaks above resistance (red).

1 hour

Yesterday was a slow day with choppy price action on the hourly chart, which could be explained by a WXY (green) pattern.


4 hour

This week’s price action has seen bearish momentum but there is a chance that price could bounce at the support levels. A break below the 78.6% Fibonacci level and the green line (top of wave 1) would invalidate the current wave 4 (magenta).

1 hour

The GBP/USD has retraced down to the 61.8% Fibonacci level, which is quite a deep pullback for a wave 4 (magenta).


4 hour

The USD/JPY tested the resistance level (red) and 100% Fib level and bounced back lower, which could be part of the wave Ys.

1 hour

The USD/JPY seems to have broken below lower time frame support (dotted green).

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Please note that the update is posted with permission from Admiral Markets
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