1 hour
The USD/JPY completed an ABC (blue) within wave B (blue) and broke below support (dotted blue) to continue with wave C (blue). Price is now building a falling wedge chart pattern (green/red lines).
Price will need to break below support if it is able to accelerate the downtrend.
4 hour
The USD/JPY’s is moving lower as part of wave 2 or wave B (light purple). The 38.2% Fibonacci support level could be the next target of the bearish price action at 111.83.
Origin: Admiral Markets
