? USD/JPY Breaks Support and Prepares Bearish ABC Zigzag ?

Hi traders,

The USD/JPY broke below the support trend line (dotted green) but both a bullish bounce or bearish break remains valid options. The direction will depend on the next breakout.

USD/JPY

4 hour

The USD/JPY could either be expanding the wave X (pink) or price has already completed the wave X and is now ready for a decline within wave Y (pink).

1 hour

The USD/JPY could be building a bearish ABC (purple) within wave Y (pink) as indicated in the image. A break below the support trend line (green) would confirm the bearish breakout. A break above the resistance trend line (red) makes it likely that the wave X (pink) is still ongoing.

Good trading,
Chris Svorcik
Elite CurrenSea