USD/JPY Bounces after Hitting -27.2% Fib Target at 113

Liepa 19, 2018 11:11

USD/JPY

4 hour


Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY Motive Wave

The USD/JPY made a bearish bounce after reaching the -27.2% Fibonacci target at 113.23 and price is now challenging the support trend line (green). A new bullish breakout could indicate a continuation towards the -61.8% Fibonacci target whereas a bearish push could indicate the end of the bullish wave Y and the start of a bearish price swing.

1 hour


Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY Motive Wave

The USD/JPY is either building a bearish correction, which could indicate more bullishness if price stays above the support levels and breaks above the resistance, or price is starting a new downtrend, but then price needs to break through the support.

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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