USD/JPY Bearish 3 Drive Pattern for Counter Trend Opportunity

Nenad Kerkez Top-XE

The USD/JPY has made a clear break above 114.00 level when Fed’s Yellen announced that the rate hike will likely be appropriate at one of its upcoming meetings if employment and inflation evolve in line with expectations. The USD/JPY didn’t move much during Asia session and 3 drive pattern has been established at resistance. 0 to A and A to B are higher than 61.8 while 1 to 2 and 2 to 3 are higher than 1.272 and we might expect to see a possible counter trend opportunity. POC1 is clear but the point 3 will only be confirmed at the break of ATR pivot confluence 114.40 else it might reach POC2. POC2 is 114.80-115.00 and if the pair get there watch for reversal signal there. In the case of rejection targets are 114.10 followed by 113.60.

Author

Nenad Kerkez

Top-XE

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