? USD/JPY Multiple Zigzags Form Expanded Corrective Zone ?
Hi traders,
The USD/JPY bearish price action has been choppy and corrective so far. Therefore, price is likely to build an expanded bullish correction first before completing the expected bearish ABC (pink).
USD/JPY
4 hour
The USD/JPY has probably completed a wave X (purple) and could making a bullish expansion as part of a wave Y (purple). Price could find resistance at the Fibonacci levels of wave B vs A (pink) and move lower to complete the potential wave E (purple).
1 hour
The USD/JPY is building multiple zigzag patterns up and down. The chart is looking very choppy and corrective at the moment but price seems to have completed a bearish wave C (blue) within wave X (purple). Price is now waiting for a break of the consolidation zone.
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Good trading,
Chris Svorcik
Elite CurrenSea
