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USD/JPY Bearish Reversal at 38.2% Fib of Wave B

July 05, 2018 08:47


4 hour

The USD/JPY is building a triangle chart pattern which is indicated by the support (blue) and resistance (red) trend lines. Price will need to break above or below the chart pattern before a larger breakout could be expected. The wave patterns are probably showing an expanded wave X (pink) correction which indicates more bearish pressure but price must break below the support trend line (blue) to confirm this.

1 hour

The USD/JPY retraced back and bounced at the 38.2% Fibonacci retracement level, which could complete a wave B (blue) correction, after breaking through the resistance trend line (dotted orange). If price breaks below the bottom then a bearish breakout towards the Fibonacci levels of wave C is possible. Although there is still a chance that price might retrace to a deeper Fib level.

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.