? USD/JPY Retest of 78.6% Fibonacci Resistance Level ?

2 min read

Hi traders,

The USD/JPY made a bearish bounce at the 78.6% Fibonacci retracement level. Now it will need to make a critical decision for a bearish reversal or a bullish break and invalidation of the current wave pattern and outlook.


4 hour

The USD/JPY is building a bullish channel but price did make a clear bounce at the 78.6% Fib resistance which is a key decision zone. Price will need to push above or below the channel for a clear breakout before the next direction is known.

1 hour

The USD/JPY is showing impulsive price action to both directions. However, the current upside could be a wave 2 (green) if price remains below the resistance trend line (orange). A bullish break invalidates this wave pattern whereas a bearish breakout could confirm the development of a wave 3 (green).

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Good trading,
Chris Svorcik
Elite CurrenSea

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