? USD/JPY Downtrend Will Continue after Pullback to Fibonacci ?
Hi traders,
The USD/JPY made another bearish breakout below the support (dotted blue) of the triangle chart pattern. The strong bearish momentum is likely to be part of a wave 3 (purple).
USD/JPY
4 hour
The USD/JPY wave 3 (purple) is part of a larger bearish correction of wave C (pink) of a wave E (purple) triangle within wave B (red).
1 hour
The USD/JPY will eventually complete the wave 3 (blue) and make a bullish retracement within the downtrend. The Fibonacci retracement levels of wave 4 (blue) are expected to act as resistance. Especially the 23.6% and 38.2% Fibs are usually bouncing spots for a wave 4.
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Good trading,
Chris Svorcik
Elite CurrenSea
