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

Forex Trader, Analyst, Educator • Jul 19, 2018 at 4:35 AM EDT

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).

USD/JPY

4 hour

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

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

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