USD/JPY Forecast. Wave Analysis

news_22_feb_1_usd_jpy-4 hour

The USD/JPY seems to be building a retracement after the bullish breakout above resistance (dotted red).

The pullback is probably a wave 4 (orange) which could find support (green lines) at the previous bottom and tops.

1 hour

The USD/JPY needs to break above resistance (red) before the wave 5 (orange) could start. A break below the 61.8% Fib of wave 4 vs 3 makes a wave 4 (orange) unlikely.

Origin: Admiral Markets

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