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EUR/USD Uptrend Channel Ready to Challenge Wave 4 Fibs as Support

June 13, 2018 14:02

USD/JPY

4 hour


The USD/JPY bullish breakout above the resistance trend line has sparked a continuation of the uptrend within the bullish trend channel. The USD/JPY seems to be building a bigger bullish ABC pattern (purple). Price could be in a wave 3 if price manages to break above the top of the channel. Otherwise an alternative wave pattern is offered on the 1-hour chart.

1 hour


The USD/JPY is continuing in the steeper bullish channel (green) after a breakout above the triangle chart pattern. The bullish price action could also be part of wave 5 (orange) rather than a wave 3 if price respects the -27.2% Fib target. In that case a minor wave 4 (dark red) is likely to develop. Price could bounce at the support levels (blue) if the wave 4 patterns indeed takes place.

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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.