〽️ USD/JPY Bearish Reversal at Resistance Line 〽️

2 min read

Hi traders,

the USD/JPY made a bearish bounce at the resistance trend line (red) as expected. The bearish price action however could be part of a wave 2 (purple).

USD/JPY

4 hour

The USD/JPY will test the Fibonacci levels of wave 2vs1, which could act as a potential support zone for a bullish bounce. A bearish break however below the 100% Fibonacci level invalidates the wave 2 pattern.1

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Good trading,
Chris Svorcik
Elite CurrenSea

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