? USD/JPY Kicks Off Bearish ABC Zigzag Pattern ?

3 min read
Hi traders,the USD/JPY broke below the support trend line (dotted green) of the sideways zone. The bearish breakout is now moving quickly lower towards the Fibonacci retracement levels of wave 2 (purple).


4 hour

The USD/JPY is building a WXY (pink) correction within wave 2 (purple). The Fibonacci retracement levels of wave 2 are expected to act as potential support and bouncing spots for a bullish reversal as long as price stays above the bottom (green line).

1 hour

The USD/JPY seems to be building a bearish ABC (purple) zigzag within wave Y (pink). A bullish breakout above the resistance trend line (red) could indicate a deeper retracement within wave b (purple). The Fibonacci levels of wave B vs A are expected to act as resistance unless price manages to break above the higher trend line and 100% Fib level.For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.Good trading, Chris Svorcik Elite CurrenSea

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