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USD/JPY Bullish Zigzag Patterns Reaches Key Resistance Line

September 11, 2018 09:46

USD/JPY

4 hour

USD/JPY Hourly ChartSource: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – 11 September 2018 at 4:30 AM GMT

The USD/JPY is facing a new resistance trend line (red) after breaking a minor trend line (dotted orange) yesterday. The bullish breakout did however indicate that a bearish ABC pattern (blue) was probably completed at the recent low, and that the price could be building a bullish wave C (purple) within a larger wave X (pink) correction.

1 hour

USD/JPY Hourly ChartSource: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – 11 September 2018 at 4:30 AM GMT

The USD/JPY is attempting to break above the resistance trend line (red), which could also cause a retracement. The price remains in a bullish trend environment as long as the price stays above the support trend line (blue), whereas a bearish breakout could indicate the end of the wave 5 of wave C.

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