? USD/JPY Awaiting Break of S&R Trend Lines ?

2 min read

Hi traders,

The USD/JPY is showing a consolidation pattern as price is respecting the support (blue) and resistance (red) trend lines. A bearish ABC zigzag seems the most likely pattern at the moment.

USD/JPY

4 hour


The USD/JPY bearish breakout could confirm the expected ABC (pink) within wave E (light purple). A bullish breakout could still be an expanded wave B (pink) unless price breaks above the previous top of wave D (purple).

1 hour


The USD/JPY is awaiting a breakout before a larger push up or down is possible.

Good trading,
Chris Svorcik
Elite CurrenSea

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