Forex

? USD/JPY Bullish Channel Breaks above Triangle Pattern ?

June 12, 2018

2 min read

Christopher Svorcik

CEO

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? USD/JPY Bullish Channel Breaks above Triangle Pattern ?

Hi traders,

The USD/JPY broke above the key resistance trend line (dotted orange), which could confirm a bullish wave Y (purple) that is aiming for 111.50 – 112.50.

USD/JPY

4 hour

The USD/JPY is probably building a WXY (purple) correction within a larger triangle pattern from the daily chart (wave D purple).

1 hour

The USD/JPY remains rooted in an smaller bullish channel (purple) of a larger uptrend channel. Price could be developing a potential ABC correction within wave Y (purple) so any bearish pullback could see a bounce at the bottom of the channel.

Good trading,
Chris Svorcik
Elite CurrenSea

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