USD/JPY Bullish Retracement Bounces at Fibonacci Resistance
4 hour
Source: Admirals MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 17 October 2018 at 5:00 AM GMT
The USD/JPY currency pair seems to be building a bullish retracement within the downtrend. As long as the price stays below the 382-50% Fibonacci resistance zone, the price will probably be in a wave 4 (purple) correction. The bearish breakout is probably part of an ABC zigzag pattern (pink) within wave E (purple).
1 hour
Source: Admirals MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 17 October 2018 at 5:00 AM GMT
The USD/JPY currency pair needs to break below the support trend line (blue) with a clear bearish candlestick pattern, otherwise the wave 4 could go sideways.
Daily
Source: Admirals MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 17 October 2018 at 5:00 AM GMT
The USD/JPY currency pair is testing a support trend line (blue) which offers a potential breakout or bounce.
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.