? USD/JPY Bullish ABC Pattern Breaks Resistance and Aims at Fibs ?

Hi traders,

The USD/JPY broke above the resistance trend line (dotted red) but the bullish breakout could be limited due to the potential resistance at the Fibonacci retracement levels of wave X (pink).

USD/JPY

4 hour

The USD/JPY bullish break confirms the end of the bearish ABC zigzag pattern (purple) but an extended WXY (pink) correction is likely to follow.

1 hour

The USD/JPY seems to be building a bullish ABC zigzag (purple) within wave X (pink). A bearish breakout below the support trend line (blue) could confirm the end of that ABC. The Fibonacci levels could be targets and bouncing spots.

Good trading,
Chris Svorcik
Elite CurrenSea