USDJPY Retraces and Bounces at Broken 110 Round Level

Chris Svorcik Elite CurrenSea

USD/JPY

4 hour

The USD/JPY retraced back to the broken resistance level of 110 and used it as a support area for a bullish bounce and uptrend continuation. Price now has plenty of space for another bullish impulse within the uptrend. Price seems ready to move higher towards the 50% Fibonacci level and the top of the uptrend channel.

1 hour

The USD/JPY broke above the resistance of the bull flag chart pattern and used the broken resistance as a bouncing spot for further upside. This breakout indicates a bullish continuation towards the Fibonacci targets of wave Y (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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