? USD/JPY Bullish Rebound to 110 Within Bearish ABC ?

2 min read

Dear traders,

the USD/JPY is showing strong bearish momentum. This could be a wave A (pink) swing after completing a wave D (light purple) of a weekly triangle pattern.


4 HOUR Chart

The USD/JPY seems ready for a bullish rebound. A break below the 107 support would invalidate (red x) the rebound. A break above the resistance trend line (red) confirms the push up. The main resistance levels are the 50-61.8% Fibs of wave B vs A. A break above the top also invalidates (red x) the expected ABC (pink) pattern.

1 HOUR Chart

The USD/JPY seems to be building a bullish ABC (purple) zigzag pattern within the wave B (pink). In the wave B (purple), price action could be setting up an ABCDE (blue) triangle pattern. If that is true, then a wave D and E (blue) remain before price breaks north towards the Fibonacci levels of wave B vs A.

The analysis has been done with SWAT method (simple wave analysis and trading).
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notify of