USD/JPY Needs to Break Support for Impulsive Wave-C

Kolovoz 09, 2018 10:02

USD/JPY

4 hour


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

The USD/JPY downtrend channel is now challenging two key support trend lines (blue). The support zone is a critical spot for a bullish bounce or bearish break. A bullish bounce could indicate a larger and expanded wave B, whereas a bearish break could confirm the continuation of a wave C (pink).

1 hour


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

The USD/JPY needs to break below the support of the downtrend channel to confirm the potential waves 3, otherwise the bearish price action is looking quite choppy. Impulsive price action is needed to confirm the development of a wave 3.

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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