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USD/JPY Breaks Bull Flag Pattern and Challenges 110 Again

June 06, 2018 11:02

USD/JPY

4 hour

USDJPY - 4 hour - 06.06.2018

The USD/JPY failed to break above the 110 round resistance level but price is now approaching the key zone again. The bullish bounce in the channel keeps the uptrend channel intact. The bullish price action is probably part of a larger WXY (purple) correction within wave Y (pink).

1 hour

USDJPY - 1 hour - 06.06.2018

The USD/JPY broke above the resistance trend line (dotted red) of the bull flag continuation chart pattern after bouncing at the support trend line which was probably a wave 4 (green) correction. The current bullish momentum could be a wave 5 (green) of wave C (blue) and aiming at the Fibonacci targets of wave C (blue). The wave C could also be a wave 3 if the bullish momentum is strong.

Chris Svorcik

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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.