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USD/JPY Builds Wave 3 Momentum above 110 Resistance Zone

May 18, 2018 10:50

USD/JPY

4 hour

The USD/JPY uptrend continues strongly and has reached the 111 round level in the meantime. There seems to be more space available for an uptrend continuation with the uptrend channel before price reaches the top of the channel and 50% Fibonacci resistance spot at 111.80. This could complete a larger WXY (pink) correction within wave D (purple).

1 hour

The USD/JPY seems to be in a wave 3 (green) momentum, which could extend further to the upside. Any bearish retracement might be a wave 4 and could see a bullish bounce at the previous bottoms at 110.75 or previous broken tops at 110.50.

Chris Svorcik

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