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USD/JPY Approaches Critical 38.2% Fib Resistance at 108

April 23, 2018 10:41

USD/JPY

4 hour

The USD/JPY is in a bullish channel but the price action remains corrective and weak. The upside can also be seen as a rising wedge reversal chart pattern due to the weak angle of the resistance trend line (red). Price is approaching a key break or bounce spot at the 38.2% Fibonacci resistance level. A bullish breakout could indicate a potential breakout towards the 50% Fib at 109. A bearish breakout could indicate the end of wave 4 (blue) and the start of wave 5.

1 hour

The USD/JPY is building a smaller bullish channel on the 1 hour chart. A break below the support trend line (green) could indicate more bearish pressure. Price needs to break above the 108 round level before more upside space is visible.

Good trading,

Chris Svorcik

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