USD/JPY Bullish Wave 3 Momentum Aims at 113.25 Target

Forex Trader, Analyst, Educator • Jul 13, 2018 at 4:44 AM EDT

The USD/JPY bullish momentum is continuing higher and seems to be on its way towards the -27.2% Fibonacci target.

USD/JPY

4 hour

The USD/JPY bullish momentum is continuing higher and seems to be on its way towards the -27.2% Fibonacci target. The bullish swing could complete a wave C of a larger WXY correction in wave D (purple), which is a potential triangle chart pattern from the daily chart.

1 hour

The USD/JPY is in a bullish channel. A bearish break below the support (blue) of that channel could confirm the end of wave 3 (green) and the start of wave 4 (green). The retracement could back to the Fibonacci levels, which have the potential to offer support and send price up to the Fibonacci target around 113.25.

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