? USD/JPY Bulls Aim at 110 with Break Before Wednesday ?

2 min read

Hi traders,

the USD/JPY is moving sideways in a range and is waiting for a bullish or bearish breakout. What is the direction of the next price swing for the USD/JPY?

USD/JPY

4 hour

The USD/JPY remains above the broken resistance of the triple top, which means that the bulls are currently in control. The bullishness only becomes invalidate (red x) if price action is able to break below the support (blue box) whereas a bullish breakout above resistance (red) is aiming for the Fibonacci targets of wave 3 vs 1.

1 hour

The USD/JPY seems to be building a potential wave 1-2 (blue) pattern as long as price stays above the start of wave 1 (blue) and the end of wave 4 (purple). A bullish breakout is aiming for the Fibonacci targets of wave 3 vs 1. It would be best if the breakout took place on Monday or Tuesday, otherwise the correction is taking too long and the bears might wrestle back control.

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Good trading,
Chris Svorcik
Elite CurrenSea

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