🌊 USD/JPY Uptrend Needs Break to Confirm Wave-3 🌊

3 min read

Hi traders,

the USD/JPY remains in an uptrend channel after bouncing at the bottom and support (blue line) line. Price now needs to break above a resistance trend line (red) to confirm the uptrend and bullish continuation.

USD/JPY

4 hour

The USD/JPY bullish break could see price move towards the top of the bullish channel and the Fibonacci targets of wave 5 vs 1+3. This breakout could be part of an impulsive third wave (purple) whereas a bearish breakout could indicate a pauze or end of the uptrend.

1 hour

The USD/JPY seems to have completed a bearish ABC (orange) pattern within wave 4 (green). A break above the local resistance level (orange) could start the USD/JPY upside for a wave 5 (green) of wave 3 (blue) and see price move higher towards the Fibonacci targets of wave 3 vs 1.

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Good trading, Chris Svorcik Elite CurrenSea

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