USD/JPY Uptrend Reaches 50% Fib and Builds Rising Wedge
Balandis 16, 2018 09:40
USD/JPY
4 hour
The USD/JPY has made one more bullish push towards the key 50% Fibonacci resistance level, which has acted as a key resistance zone. Price is now building a rising wedge reversal chart pattern and a break of the support trend line (blue) could confirm the start of a bearish reversal.
1 hour
The USD/JPY bullish break above the 50% Fib makes a wave 4 unlikely whereas a bearish break could indicate a continuation of the downtrend. The current wave structure indicates that price has most likely completed a lengthy sideways consolidation as part of wave 4 (blue).
Good trading,
Chris Svorcik
P.S. Don't forget to follow Admiral Markets on Facebook – or @AdmiralMarkets on Twitter – for the latest market updates.