Hi traders,
the USD/JPY seems to have completed a bearish wave A (blue) and price could be ready for bullish ABC correction within wave B (blue).
If price makes a bullish correction, then the Fibonacci levels of wave B would act as a potential resistance point for a bearish turn and continuation lower. The ABC correction could be part of a larger wave E (purple) triangle pattern from the daily-weekly charts.
The USD/JPY seems to have completed 5 bearish waves (green), which could indicate the start of a larger bullish correction within wave B (blue). If the wave patterns plays out as expected, then Fibonacci levels could turn out to be key support and resistance levels.
Good trading,
Chris Svorcik
Elite CurrenSea
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