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USD/JPY Bullish ABC Pattern in Bearish Wave B

July 24, 2018 09:59

Eventually a bearish bounce is expected due to the ABC zigzag pattern. Price should stop at the Fibonacci levels of wave B vs A whereas a break above 100% Fib level invalidates the bearish ABC.

USD/JPY

4 hour


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

Despite the strong bearish momentum on the USD/JPY, price made a bullish bounce at the support trend line (blue). This could confirm the end of wave A (red) and the start of wave B (red). Eventually a bearish bounce and break is expected due to a potential ABC (red) zigzag pattern. Price should stop at the Fibonacci levels of wave B vs A whereas a break above the 100% Fibonacci level invalidates the bearish ABC.

1 hour


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

The USD/JPY seems to be building an ABC pattern (orange) within wave B (red). A bullish breakout could indicate above the resistance trend line (red) could indicate a larger bullish wave C (orange) pattern in wave B (red).

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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