USD/JPY Bearish Breakout Below Bullish Trend Channel

Chris Svorcik Elite CurrenSea

Meta description: The USD/JPY broke below the support line of the critical uptrend channel (dotted blue) and price is now building a bearish breakout below the 110 round level.The bearish price action could be a wave A (blue) correction within a larger wave E triangle from the daily chart.

USD/JPY

4 hour

The USD/JPY broke below the support line of the critical uptrend channel (dotted blue) and price is now building a bearish breakout below the 110 round level.

The bearish price action could be a wave A (blue) correction within a larger wave E triangle from the daily chart. Price could have completed a wave Y (pink) of a wave D (light purple) at the most recent top.

1 hour

The USD/JPY made a strong bearish continuation which was a wave 3 (green) momentum. The pullback within wave 4 (green) stopped at the 50% Fibonacci retracement level and reversed back down. Price is now probably in a wave 5 (green), although the bearish price action could extend itself. Once the wave A is completed, then traders could expect an ABC correction within wave B.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.