? USD/JPY Bullish Breakout Aims for 110 Round Level ?
April 27, 2018
2 min read
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Hi traders,
the USD/JPY bullish momentum is moving towards the next target at the psychological round level of 110, which is also a 38.2% Fibonacci level of the potential wave D (light purple).
USD/JPY
4 hour
This could be a first resistance level where price might complete the first part of the correction (wave W pink) and make a bearish retracement.
1 hour
The USD/JPY seems to have completed, as expected, wave 4 (green) correction at the previous bottom or two bottoms ago. Price is now moving higher and pushing up within a potential bullish wave 5 (purple).
Good trading,
Chris Svorcik
Elite CurrenSea
.
Hi Chris
Are you counting the move from 125 as a triangle wave B?
a at 98.9
b at 118.6
c at 104.6
and now the wave d is developing?
Hi Ali, yes that is correct. Those are indeed the swings that I am using for the triangle 🙂 a break above 118.75 invalidates it. Good trading!