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USD/JPY Bearish Reversal at 61.8% Fibonacci Resistance

August 02, 2018 08:54

USD/JPY

4 hour


Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

The USD/JPY turned at the 61.8% Fibonacci retracement and resistance level of wave B (red) vs A. The bearish bounce could be part of a larger ABC (red) zigzag pattern within a larger wave E (purple) triangle on the daily chart. A break above the 100% Fib level however would invalidate the ABC pattern whereas a break below support (blue) could confirm it.

1 hour


Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

The USD/JPY seems to have completed 5 bullish waves within the impulsive wave C (orange) if price manages to stay below the Fib levels of wave 1 vs 2 (orange). A break above the resistance trend line (red) could indicate a larger correction within wave 2 (orange) as long as price stays below the 100% Fib.

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