? USD/JPY Bullish Break after Bounce at 38.2% Fib Retracement ?
Hi traders,
The USD/JPY is building a bull flag chart pattern (purple lines) at the resistance trend line (orange). A bullish breakout above the bull flag could indicate a continuation towards a higher Fibonacci retracement level of wave X (pink).
USD/JPY
4 hour
The USD/JPY break below the support trend line (blue) however could indicate the end of wave X (pink) and a larger bearish reversal.
1 hour
The USD/JPY bounced at the 38.2% Fibonacci retracement level which could indicate a finished wave 4 (blue) pattern. Price has broken above the resistance trend line (dotted red) and could be moving up as part of a wave 5, which seems more likely if price stays above the support zone (green and blue).
Good trading,
Chris Svorcik
Elite CurrenSea
