USD/JPY Bulls Keep Control and Aim at 110 Target

Chris Svorcik Elite CurrenSea

The USD/JPY uptrend managed to break above the previous top (dotted red) and price is now building a consolidation zone. An uptrend continuation seems likely at the moment.

USD/JPY

4 hour

The USD/JPY break above the next resistance trend line (red) should spark a bullish continuation towards the Fibonacci targets of wave 3 vs 1 (pink). The main target at the moment is the 261.8% Fibonacci target at the round level of 110. The broken resistance at 108.50 should usually act as a potential support zone.

1 hour

The USD/JPY seems to be building a bullish 5 wave (blue) pattern as long as price stays above the 50% Fibonacci retracement level. A choppy correction is typical for a wave 4 (blue) and the bullish breakout should send the pair higher. A break below the 50% Fib invalidates the current wave 4 pattern and could indicate a different wave structure, such as the end of the wave 3 (pink) at the recent top.

The analysis has been done with the CAMMACD.MTF template.

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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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