〽️ USD/JPY Bearish Breakout of Rising Wedge Pattern 〽️

2 min read

Hi traders,

The USD/JPY broke below the support trend line after failing to break the previous top. The strong momentum could indicate a larger bearish correction.

USD/JPY

4 hour


The USD/JPY is probably expanding a larger WXY correction (purple) within wave X (pink).

1 hour


The USD/JPY could also have completed the wave D at the previous high but that seems less likely. Price is probably building a wave 3 (purple) within a wave A – see on the 4 hour chart – after breaking below the rising wedge chart pattern.

Good trading,
Chris Svorcik
Elite CurrenSea

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