FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
31,656,010Confirmed
972,327Deaths
23,256,944Recovered
Fetching Location Data…
Advertisement
Advertisement
Chris Svorcik
USD/JPY

The USD/JPY is building a strong bullish rebound. The 3rd swing is probably a wave C (purple) of a larger ABC zigzag pattern. This remains valid unless price breaks above the main -61.8% Fibonacci target (blue box).

Price Charts and Technical Analysis

The higher high on the USD/JPY is aiming first at the -27.2% Fibonacci target. This zone could create a pullback and continuation towards the -61.8% Fib target. This currency pair remains in an uptrend on the 4 hour chart as long as price remains above the 21 ema zone.

On the 1 hour chart, the USD/JPY is showing strong bullish momentum within that wave C. This is clearly visible due to the ability of price action to move away from the 21 ema zone (blue candles). Price might be running out of steam though at the moment, as a rising wedge chart pattern (purple lines) is being built. Any pullback could confirm a wave 4 (orange) pattern. Price is expected to bounce around the 21 ema zone.

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

 

Advertisement
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