〽️ USD/JPY Bearish Bounce Confirms ABC Zigzag Pattern 〽️
Hi traders,
The USD/JPY has made a bearish bounce at the resistance trend line (red), which seems to be confirming a larger ABC (red) wave pattern within the larger triangle chart pattern on the daily chart (wave E light purple).
USD/JPY
4 hour
The USD/JPY needs to break below the support trend lines (blue) however to confirm a potential bearish wave C (red) breakout. A break above the resistance (red) line however could indicate a change in wave patterns, although the key invalidation level remains the previous top. A bearish breakout could aim for the Fibonacci levels.
1 hour
The USD/JPY could be building several wave 1-2 (orange) after completing a bullish wave C (orange) within wave B (red).
Good trading,
Chris Svorcik
Elite CurrenSea
