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USD/JPY Tests 78.6% Fib and Trend Line Resistance

June 21, 2018 08:55

USD/JPY

4 hour

The USD/JPY is approaching a key resistance trend line (red), which is a critical bounce or break zone. A bullish breakout above the trend line would invalidate the current expected bearish ABC pattern whereas a bounce could see price complete a wave X (pink) at a lower low.

1 hour

The USD/JPY is also testing the 78.6% Fibonacci resistance level and the top of the bullish channel (orange), besides the resistance trend line (red). These factors make this price zone a key area.

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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.