USD/JPY Builds Bearish ABC Pattern in Wave E Triangle

Listopad 16, 2018 08:23

USD/JPY

4 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 16 October 2018 at 4:00 AM GMT

The USD/JPY currency pair made a new low yesterday, which is probably part of a bearish wave 5 (purple) of a larger wave A (pink). The main target of the 5th wave (purple) is the -27.2% Fibonacci level at 111.21. The bearish price action is probably part of an ABC zigzag pattern (pink) within wave E (purple).

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 16 October 2018 at 4:00 AM GMT

The USD/JPY currency pair broke below the support trend line (dotted blue), but bullish candlestick patterns are probably indicating a retracement within the downtrend. A break above the resistance trend lines however, could indicate an uptrend.

Daily

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 16 October 2018 at 4:00 AM GMT

The USD/JPY currency pair has reached a potential support zone, 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.