? USD/JPY Bullish Channel Challenges Key Resistance Line ?
June 28, 2018
2 min read
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Hi trader,
The USD/JPY is building a bullish trend channel but price needs to break above the key resistance trend line (red) before a larger uptrend continuation can take place.
USD/JPY
4 hour
The USD/JPY could be in a wave Y (pink) correction as long as price stays above the support trend lines. A bearish breakout could indicate an expansion of the wave X (pink).
1 hour
The USD/JPY completed a bullish ABC (blue) zigzag correction but a continuation is likely at the moment, which could be explained by an expanded WXY (purple) correction.
Good trading,
Chris Svorcik
Elite CurrenSea
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