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USD/JPY Bearish Break of Channel Starts ABC Zigzag

July 04, 2018 08:54


4 hour

The USD/JPY broke below the support trend line (dotted blue) of the uptrend channel after failing to break above the previous top at 111.40. Price is probably expanding the wave X (pink) correction but price would need to break below the next support trend line (blue) to confirm this wave pattern.

1 hour

The USD/JPY seems to be building 5 bearish waves which could be part of a wave A (blue). A break above the channel could indicate a wave B (blue) retracement if price respects the Fibonacci retracement levels. A break above the 100% Fib invalidates the ABC pattern.

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 therisks.