USD/JPY Triangle Pattern Waiting for A Decisive Breakout

jy-l34 hour

The USDJPY currency pair is testing the 61.8% Fibonacci retracement level, which is the very last support level that could fit within a potential wave 4 (blue) pattern. A bearish break indicates a bearish swing and a new wave pattern, whereas a bullish bounce could still lead to a bullish continuation within wave 5 (blue), if the price manages to break above the resistance trend line (red).

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The USD/JPY is showing indecisive candlestick patterns at the 61.8% Fibonacci level. Corrective price action could however indicate a change in wave patterns, and could be a wave 4 (red), whereas bullish price action will need to break above the resistance trend line (red) to confirm a potential wave 4-5 (blue).

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USDJPY Hourly Chart - Wave Analysis

1 hour

USDJPY Hourly Chart - Wave Analysis

Origin: Admiral Markets

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