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USD/JPY Impulsive Bearish Breakout below Triangle Pattern

August 21, 2018 09:57

USD/JPY

4 hour

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

The USD/JPY is making a lower low as expected after breaking below the support trend lines (dotted blue). The bearish breakout could be aiming for the -27.2% Fibonacci target at 109.25, or the 50% Fib at 108.94. A break above the resistance trend line could indicate the end of wave Y (pink) of wave E (purple).

1 hour

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

The USD/JPY broke the support trend line (dotted blue) of the triangle chart pattern yesterday with a strong impulse. The price is probably in a wave 5 (blue), although the current momentum suggests that the UJ is building a smaller wave 3 within wave 5.

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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