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USD/JPY Builds Bearish Wave 1-2 within ABC Pattern

August 03, 2018 09:07


4 hour

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

The USD/JPY is probably building a bearish ABC (red) pattern within wave E (purple). The support and resistance trend lines remain critical for any potential bullish or bearish breakout. Another key level is the previous top because a break above the 100% Fib level invalidates the ABC pattern (red). A bullish rebound is expected once price completes the wave E.

1 hour

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

The USD/JPY seems to have completed bearish wave 1 (orange) and price is now building a retracement within wave 2 (orange). The wave 2 is invalidated if price breaks above the 100% Fibonacci level. Price could be starting a wave 3 if it manages to break below the support trend line (green).

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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