USD/JPY Bullish Break Offers Space till 110 Resistance

Chris Svorcik Elite CurrenSea

Meta description: The USD/JPY is building strong bullish momentum and price could continue towards the -61.8% Fibonacci target via a wave 3 (blue). One more higher high is possible if price builds a sideways corrective pattern.

USD/JPY

4 hour

The USD/JPY broke above the 109-round level which made the previous wave structure unlikely. Price could instead be building a triangle pattern on the higher time frames and there is a chance that price is now building a wave D (purple) of that triangle. The 38.2% Fib is around 110 and could be the first resistance level where price might make a bearish retracement.

1 hour

The USD/JPY is building strong bullish momentum and price could continue towards the -61.8% Fibonacci target via a wave 3 (blue). One more higher high is possible if price builds a sideways corrective pattern.

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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