? USD/JPY Bearish Breakout Develops into Impulsive Wave-3 Pattern ?

2 min read

Hi traders,

The USD/JPY broke below the support trend line (dotted blue) and is making a bearish breakout. This could indicate the end of wave X (pink) and the start of a wave Y (pink).

USD/JPY

4 hour


The USD/JPY bearish breakout could fall towards the confluence of Fibonacci targets around 109. There is a critical 50% Fibonacci retracement level and -27.2% Fibonacci target.

1 hour


The USD/JPY seems to be building 5 bearish waves (blue) after breaking below the support trend line (dotted blue) and completing the 5th wave (blue) at the 61.8% Fibonacci retracement level near 112. Price is now expected to either move lower within wave 3 or retrace for a wave 4, which then should be followed by a wave 5 within wave A (purple).

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of