USD/JPY bearish trend aims at 105 target

Chris Svorcik Elite CurrenSea

The USD/JPY is making a bearish breakout, which is aligned with the larger downtrend (see all moving averages). What are the main targets for the waves 3 and 5?

1 hour chart

The USD/JPY is aiming first of all at the 123.6% Fib and previous bottom at 106.50. If a continuation flag pattern emerges, then a continuation towards the targets at 106, 105 and even 104.50 is possible. The ecs.LIVE traders in our webinar are already positioned in short setups at 107.30 based on the SWAT methods.

Any pullback should not break above the 21 ema and previous bottoms (red x), otherwise the bearish outlook is invalid. The immediate breakout is, however, only confirmed if price action is able to close below 106.75 (green line) and the HMA 20.

The analysis has been done with the ecs.SWAT method and ebook.

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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