USD/JPY Bearish Reversal after Breaking Rising Wedge Pattern

Srpanj 20, 2018 12:18


4 hour

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

The USD/JPY made a bearish reversal after hitting the -27.2% Fibonacci target at 113.23 and breaking the rising wedge chart pattern. Price is now showing strong bearish momentum which could indicate that the wave Y corrections have been completed and a new bearish swing is starting via a potential wave A (red). The next support trend line (blue) is visible around 111.

1 hour

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

The USD/JPY could be creating a 5 wave pattern within wave A (red) but only if price does not retrace above the 61.8% Fibonacci retracement level. A break below the support trend line (blue) could indicate a bearish breakout and continuation for wave 5 (orange).

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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