Admiral Markets Group consists of the following firms:

Admiral Markets Pty Ltd

Regulated by the Australian Securities and Investments Commission (ASIC)
CONTINUE

Admiral Markets UK Ltd

Regulated by the Financial Conduct Authority (FCA)
CONTINUE

Admiral Markets AS

Regulated by the Estonian Financial Supervision Authority (EFSA)
CONTINUE

Admiral Markets Cyprus Ltd

Regulated by the Cyprus Securities and Exchange Commission (CySEC)
CONTINUE
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Note: If you close this window without choosing a firm, you agree to proceed under the FCA (UK) regulation.
Regulator fca efsa CySEC asic

USD/JPY Wave 4 Bearish Retracement in Bullish Trend Channel

May 21, 2018 11:16

USD/JPY

4 hour


The USD/JPY is building a smaller bullish channel in the larger uptrend channel. Recently price made a retracement to the bottom of that channel at 110.50 which could be a potential bouncing spot for a trend continuation towards the next Fibonacci target at 111.80. This could complete a larger WXY (pink) correction within wave D (purple).

1 hour

The USD/JPY seems to have completed a wave 3 (green) momentum and price could be building a bearish retracement within wave 4 (green). A bullish bounce seems to be taking place at the 50% Fibonacci level and could occur if price stays above the 61.8% Fibonacci level, otherwise a different wave pattern becomes more likely. At this moment though, price is most likely in a wave 4 and it could soon start a bullish wave 5 continuation within wave C (blue) towards the Fibonacci targets.

Chris Svorcik

P.S. Don't forget to follow Admiral Markets on Facebook – or @AdmiralMarkets on Twitter – for the latest market updates.

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.

Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.