? USD/JPY Bearish Bounce at Resistance Trend Line ?

2 min read

Hi traders,

The USD/JPY is testing a resistance trend line (red) which is a key decision zone for a bullish breakout or bearish bounce.

USD/JPY

4 hour


The USD/JPY bearish reversal makes a wave B (purple) pattern more likely. The bearish breakout could confirm the continuation of wave C (purple) in wave Y (pink). A bullish breakout however could indicate a larger wave X (pink).

1 hour


The USD/JPY seems to be building a rising wedge reversal chart pattern. A break below the wedge could indicate the end of a bullish ABC (blue) pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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