USD/JPY Bullish Retracement Bounces At Fibonacci Resistance

USDJPY

4 hour

(Click on image to enlarge)

USDJPY Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 17 October 2018 at 5:00 AM GMT

The USD/JPY currency pair seems to be building a bullish retracement within the downtrend. As long as the price stays below the 382-50% Fibonacci resistance zone, the price will probably be in a wave 4 (purple) correction. The bearish breakout is probably part of an ABC zigzag pattern (pink) within wave E (purple).

1 hour

(Click on image to enlarge)

USDJPY Hourly Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 17 October 2018 at 5:00 AM GMT

The USD/JPY currency pair needs to break below the support trend line (blue) with a clear bearish candlestick pattern, otherwise the wave 4 could go sideways.

Daily

(Click on image to enlarge)

USDJPY Daily Chart - Wave Analysis

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 17 October 2018 at 5:00 AM GMT

The USD/JPY currency pair is testing a support trend line (blue) 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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