? USD/JPY Testing Critical 112.50 Support Zone ?

2 min read

Hi traders,

The USD/JPY uptrend seems to be losing some of its steam as price action remains unable to break above the resistance trend line and 127.2% Fibonacci target around 113.


4 hour

The USD/JPY is now challenging the support trend line (green) of the uptrend channel for a bullish bounce and continuation or bearish breakout and reversal. In the latter case, the wave D (purple) could be finished and price might make an ABC within wave E.

1 hour

The USD/JPY needs to break above the resistance trend line (red) for a bullish breakout that could aim at the Fibonacci targets. A bearish breakout could indicate a larger retracement or reversal.

Good trading,
Chris Svorcik
Elite CurrenSea

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