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USD/JPY Uptrend Tests Fibonacci Levels of Wave 4

June 14, 2018 12:15


4 hour

The USD/JPY bullish breakout is building a bearish pullback, which seems to be a larger ABC (purple) zigzag pattern. An uptrend continuation is likely if price is able to break above the previous top. In that case one of the targets could be the -27.2% Fibonacci level at 113.25.

1 hour

The USD/JPY has made a bearish retracement back to the potential Fibonacci retracement levels of wave 4 (blue). A bullish bounce at these Fib levels could confirm the end of a wave 4 pattern and the start of a wave 5 whereas a bearish break below the 61.8% Fib and channel would make such a bull continuation unlikely.

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