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USD/JPY Bearish Breakout Challenges Key 109 Support Line

May 29, 2018 10:54

USD/JPY

4 hour

The USD/JPY broke below the support trend line (dotted green) but price still needs to break the bottom (green line) before a continuation within C (blue) becomes more likely. In that case a fall towards the Fib targets of wave C could occur whereas a bullish bounce could indicate that price could retrace deeper within wave B (blue) and move higher towards the Fibonacci retracement levels.

1 hour

The USD/JPY seems to be building up bearish momentum as long as price stays below the resistance trend lines (orange). Price needs to break below the support trend line mentioned on the 4 hour chart before a wave 3 continuation becomes more likely.

Chris Svorcik

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