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USD/JPY Starts Bullish ABC Zigzag Pattern

August 22, 2018 09:44

USD/JPY

4 hour

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

The USD/JPY has probably completed the bearish swing if it manages to break above the resistance trend line. A bullish breakout could indicate the end of the wave Y (purple) of wave W (pink) at the most recent low. The wave E (light purple) however is rather short in comparison to wave D and the other legs of the triangle pattern, and therefore an expanded WXY (pink) correction seems most likely.

1 hour

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

The USD/JPY is probably building a bullish ABC zigzag pattern (purple) after completing a 5th wave (green) of wave C (blue). The trend lines however remain a key factor as a breakout above resistance or below support indicates the next potential direction.

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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