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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.

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