Chris Svorcik
Add to Bookmarks
Japanese yen currency and dollar bank note


4 hour

The USD/JPY needs to make a breakout above the resistance trend line (red) to confirm (green check) the uptrend continuation. A bullish breakout is aiming for the Fibonacci targets of wave 5 vs 1+3 and the next resistance line (red). A break below the support trend lines and 61.8% Fibonacci retracement level invalidates (red x) the wave 4 (blue) pattern.

1 hour

The USD/JPY seems to be building a complex WXY (green) correction with the current retracement looking like an ABC correction (orange). The current bullish price action could face strong resistance (red) line and Fibs of wave B vs A and a bearish bounce could send the pair towards the bottom

(green check) of the flag channel. A break above the 78.6% Fib makes an immediate breakout also possible. A bullish bounce at the 50% Fibonacci level of wave 4 (blue) confirms this wave 4 (blue) pattern whereas a bearish breakout below the 61.8% of wave 4 vs 3 invalidates (red x) it.

Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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

Trade With A Regulated Broker