? USD/JPY Triangle Pattern Challenges Key Uptrend Channel ?

2 min read

Hi traders,

the USD/JPY is testing key support trend lines (blue/green) of the uptrend. A bullish bounce could indicate the continuation of the bullish channel whereas a bearish breakout could lead to a larger correction within wave X (pink).

USD/JPY

4 hour

A break above the resistance and previous top at 110 remains important for the bulls and offers space to 111.50 which is where the 50% Fib is located. The bearish breakout could confirm a larger ABC (blue) correction and price could move towards that Fib targets of wave X (pink).

1 hour

The USD/JPY is building a triangle consolidation pattern and is challenging the support and resistance trend lines. A breakout below the resistance (red) or support (green) trend line is needed before a larger impulsive price action could be expected.

Good trading,

Chris Svorcik
Elite CurrenSea
.

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