? USD/JPY Bullish Breakout Aims for 78.6% Fib at 112.50 ?
Hi traders,
The USD/JPY broke above the key resistance trend line (dotted orange), which is indicating a bullish breakout towards the78.6% Fibonacci retracement level.
USD/JPY
4 hour
The USD/JPY could see a potential bounce and even reversal at the 78.6% Fibonacci retracement level if price is indeed completing a wave X (pink).
1 hour
The USD/JPY could be building a wave 4 (green) correction as long as price stays above the 61.8% Fibonacci retracement level. A bearish break below this level invalidates the wave 4 whereas a bullish breakout could confirm the wave 5 (green) pattern.
Good trading,
Chris Svorcik
Elite CurrenSea
