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USD/JPY Bullish Breakout Faces Resistance Fib Levels

July 31, 2018 08:59

USD/JPY

4 hour


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

The USD/JPY is breaking above the resistance trend line (dotted red) of the triangle chart pattern, which is indicating a potential bullish breakout. However, if price is indeed in a wave B (red) of a larger wave E (purple), then price should bounce at the Fibonacci levels of wave B vs A. A break above the 100% Fib level invalidates the ABC (red) patterns and could indicate an uptrend continuation.

1 hour


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

The USD/JPY seems to have completed and ABC (green) within wave B (orange). Price could now be ready for an impulsive and bullish wave C (orange) if price manages to break above the resistance trend line (dotted red) with a strong candle.

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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