USD/JPY Builds Bearish ABC Pattern In Wave E Triangle

USD/JPY

4 hour

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USDJPY 4 hour chart - Wave Analysis

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

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USDJPY 1 Hour Chart - Wave Analysis

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

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USDJPY Daily Chart - Wave Analysis

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.

Disclaimer: The opinions in this article are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit ...

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