USD/JPY Last High in Rising Wedge Reversal Pattern

Chris Svorcik FS method

Meta description: USD/JPY wave pattern is indicating that the bullish price action will soon turn bearish as part of a larger ABC (pink) correction.

The USD/JPY is building a rising wedge reversal chart pattern but a break above the resistance trend line could still see a move up towards the 78.6% Fibonacciretracement level whereas a push below the support line (blue) could indicate a bearish breakout.

USD/JPY

4 hour

The USD/JPY wave pattern is indicating that the bullish price action will soon turn bearish as part of a larger ABC (pink) correction.

1 hour

The USD/JPY bullish breakout could indicate a potential push towards the Fibonacci targets. A break below the support trend line could indicate an immediate reversal but a bear flag pattern after the break is important.

Author

Chris Svorcik

FS method

Chris Svorcik is a trader, analyst, and educator with over 15 years of experience in financial markets, specializing in moving averages, market structure, and price patterns.

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