πŸ” USD/JPY Bearish Breakout Confirms Impulsive Wave 3 πŸ”

2 min read

Hi traders,

The USD/JPY made a strong bearish breakout below the support trend line (dotted blue), which is confirming the expected wave 3 (purple) of wave C (pink) patterns.

USD/JPY

4 hour


The USD/JPY breakout is either still in a wave 3 (purple) or price has completed it at the most recent low. If the wave 3 is completed, then price could be building a bullish pullback within the downtrend as a wave 4 (purple). The Fibonacci retracement levels such as the 23.6%, 38.2% and 50% are then expected to act as resistance levels.

1 hour


The USD/JPY seems to have completed a wave 5 (blue) of a wave 3 (purple). The downtrend is expected to continue after price bounces at the Fibonacci levels.

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Good trading,
Chris Svorcik
Elite CurrenSea

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