USD/JPY Bearish Reversal at 61.8% Fibonacci Resistance

Rugpjūtis 02, 2018 10:54


4 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

The USD/JPY turned at the 61.8% Fibonacci retracement and resistance level of wave B (red) vs A. The bearish bounce could be part of a larger ABC (red) zigzag pattern within a larger wave E (purple) triangle on the daily chart. A break above the 100% Fib level however would invalidate the ABC pattern whereas a break below support (blue) could confirm it.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave

The USD/JPY seems to have completed 5 bullish waves within the impulsive wave C (orange) if price manages to stay below the Fib levels of wave 1 vs 2 (orange). A break above the resistance trend line (red) could indicate a larger correction within wave 2 (orange) as long as price stays below the 100% Fib.

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.

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