? USD/JPY Bullish Impulsive Break Threatens Downtrend ?

3 min read

Hi traders,

the USD/JPY broke above the resistance trend line (dotted red) of the downtrend with strong bullish momentum rather than a zigzag pattern. This could be a first warning of a trend change.

USD/JPY

4 hour

The USD/JPY break above the key resistance zone would invalidate the wave B (purple) pattern and could indicate a bullish breakout within a potential wave 3 (blue) towards the Fibonacci targets of wave 3 vs 1. Only a strong bearish reversal could keep the current ABC (purple) pattern alive.

1 hour

The USD/JPY wave pattern is unclear at the moment and could either be a bearish ABC (purple) correction or a bullish wave 1-2-3 (circle dark blue).

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Good trading, Chris Svorcik Elite CurrenSea

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