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USD/JPY Reaches 50% Fib Resistance for Crucial Decision

April 09, 2018 11:43

USD/JPY

4 hour

The USD/JPY is challenging the Fibonacci levels of a potential wave 4 correction (blue). A break above the shallow Fib levels such as the 38.2-50% Fibs makes such a wave 4 unlikely and that would change the wave perspective to bullish. A break below support (blue) could indicate a bearish continuation with a new bearish wave 5.

1 hour

The USD/JPY respected the 107.50 round resistance level and 161.8% Fibonacci target of wave C (brown). One more push higher could take price to the 50% Fib whereas a bearish break below the support trend lines could indicate a trend continuation.

Good trading,

Chris Svorcik

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