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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

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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.