4 hour
Yesterday the USD/JPY broke as expected above the 110 resistance (dotted red) of the bull flag chart pattern.
Price has continued with its bullish extension in wave 3 (brown) and has now arrived at the 261.8% Fibonacci target which could create a potential retracement.
1 hour
The USD/JPY breakout above resistance (dotted red) has reached a main Fibonacci target and is therefore at a bounce or break spot.
Origin: Admiral Markets
