USD/JPY Bullish ABC Zigzag Threatens Resistance Trend Line

Chris Svorcik Elite CurrenSea

Meta description:

The USD/JPY seems to have bounced at the 38.2% Fibonacci support level. The bullish bounce could indicate the end of the bearish ABC.

USD/JPY

4 hour

The USD/JPY seems to have bounced at the 38.2% Fibonacci support level. The bullish bounce could indicate the end of the bearish ABC (purple).

The USD/JPY could be building an expanded WXY (pink) correction within wave B (red). A bullish breakout above the resistance trend line (red) would make the continuation within wave X (pink) likely.

1 hour

The USD/JPY seems to have completed a bearish wave 5 (orange) within wave C (purple) of wave W (pink). The current bullish impulsive price action is probably a wave A (purple) of the larger wave X (pink).

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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