〽️ USD/JPY Bearish Third Wave Aims at 108.30 and -61.8% Target 〽️
Hi traders,
The USD/JPY bearish momentum remains strong. Price has now reached the -27.2% Fibonacci target but a bearish continuation is likely when taking into account the strong price action.
USD/JPY
4 hour
The USD/JPY is most likely in a wave 3 (purple) of a larger bearish wave C (pink). The next target is probably the -61.8% Fibonacci level.
1 hour
The USD/JPY seems to be building an internal 5 wave (green) pattern within wave 5 (blue). The current wave is likely an impulsive wave 3 (green) and a correction for a wave 4 (green) could eventually occur before price makes a new lower low to complete wave 3 (green).
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.
Good trading,
Chris Svorcik
Elite CurrenSea
