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USD/JPY Bearish Momentum Fuels Wave A of Zigzag

July 23, 2018 08:40


4 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY Motive Wave

The USD/JPY is showing strong bearish momentum, which makes it likely that price will reach the support trend line (blue). This support zone is a new bounce or break spot for the USD/JPY but eventually a bearish ABC (red) pattern is likely to occur. When price bounces, I will place the Fib on the price swing and keep an eye on the Fibonacci resistance levels for a bearish bounce.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY Motive Wave

The USD/JPY has been moving lower as part of a 5th wave pattern within wave A (red) after breaking multiple support trend lines (dotted green) and bouncing at the -27.2% Fib target (see 4 hr chart). Eventually price is expected to complete wave 5 (orange) of wave A (red) and start a potential wave B (red).

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.

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