Update on USD/JPY
Looking at the 4H chart, USD/JPY finished 5 waves up; however, it broke the previous wave 4, and we know that according to the Elliott Waves Principle, breaking the previous wave 4 and retesting it signals more downside movement. Also, looking at the Daily timeframe, we can see a daily candle that closed below the previous wave 4 level which confirms more our bearish view on USD/JPY.
Our first target will be the 50% Fibonacci Retracement level at (106.768). Breaking this level will push USD/JPY for more downside towards the 61.8% Fibonacci Retracement level at (105.698).
Our first target will be the 50% Fibonacci Retracement level at (106.768). Breaking this level will push USD/JPY for more downside towards the 61.8% Fibonacci Retracement level at (105.698).
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.