? USD/JPY Builds Bearish Channel after Breaking Rising Wedge ?

2 min read

Hi traders,

The USD/JPY broke below yesterday’s rising wedge reversal chart pattern and is now building a bearish channel.

USD/JPY

4 hour


The bearish correction could be part of a larger WXY (purple) correction. The Fibonacci levels of wave X (purple) could therefore act as potential support levels for a bullish bounce.

1 hour


The USD/JPY is building a correction within the wave X (purple). Price seems to have completed a bearish ABC and price is now testing the resistance trend line of the bearish channel.

Good trading,
Chris Svorcik
Elite CurrenSea

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