USD/JPY Bearish Reversal after 88.6% Fib Bounce & Rising Wedge

Chris Svorcik Elite CurrenSea

Meta description: USD/JPY made a bearish reversal at the 88.6% Fib retracement level and is now showing strong bearish momentum.

The USD/JPY broke below the support trend line (dotted blue) confirmeda bearish reversal and the end of wave B (pink) after it had built a rising wedge reversal chart pattern.

USD/JPY

4 hour

The USD/JPY made a bearish reversal at the 88.6% Fibonacciretracement level and is now showing strong bearish momentum. A break below the -61.8% Fib target would confirm more downside within the potential wave C (pink).

1 hour

The USD/JPY is building a potential wave5 (blue) within wave 3 (purple) as long as price stays below the resistance trend line (orange).

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.

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