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USD/JPY Bullish Channel Breaks Triangle Chart Pattern

July 02, 2018 08:45


4 hour

The USD/JPY bullish channel is breaking above a key resistance trend line (dotted red) of a triangle chart pattern, which could indicate a larger bullish continuation within wave Y (pink). A break above the previous top at 111.40 could confirm the wave Y of a larger wave D of the daily chart, which is building a triangle pattern.

1 hour

The USD/JPY could find support at the bottom of the channel and move higher towards the Fibonacci targets. A break below the support trend lines indicates a change of perspective, direction, and most likely wave patterns.

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.