? USD/JPY Awaits Breakout of Triangle Chart Pattern ?

Hi traders,

The USD/JPY made a bearish bounce at the resistance zone as the larger triangle chart pattern remains valid. Price is awaiting a breakout before any long-term trend can start.

USD/JPY

4 hour

A bearish breakout could confirm the development of a wave Y (purple) within wave X (pink) whereas a bullish breakout invalidates this current wave pattern an immediate continuation of bullish wave Y (pink).

1 hour

The USD/JPY broke below the support trend line (dotted blue) but has slowed down as price approaches the previous bottom. A break remains needed before price can move away from the consolidation zone.

Good trading,
Chris Svorcik
Elite CurrenSea

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