Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Chris Svorcik
USD/JPY Bearish Wave C Aims at 107.50 Target

Dear traders,

the USD/JPY bearish momentum broke the support trend line (dotted blue) and is aiming for the Fibonacci targets of wave 5 (blue).

4 hour chart

The USD/JPY bearish push lower could be part of a larger ABC flat (purple) correction. If price shows a strong bullish bounce, then it could indicate the end of the wave B (pink) pattern. But keep in mind that the wave 5 (blue) can extend the 5th wave with 5 internal waves.

15 minute chart

The USD/JPY seems to be building a wave 4 (orange) pullback as long as price respects the Fibonacci retracement levels of wave 4 vs 3. A bullish break above the 61.8% Fib and downtrend channel invalidates (red x) the current wave outlook whereas a bearish breakout cold confirm (green check) the downtrend continuation.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk