USD/JPY Forms Indecision Triangle Pattern at 112

October 15, 2018 09:20

USD/JPY

4 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 15 October 2018 at 5:00 AM GMT

The USD/JPY currency pair made a bearish bounce at the 23.6% Fibonacci retracement level, which could be part of a wave 4 (red) pattern and the start of the wave 5 (red). A bullish break however, indicates that the price is still in a bullish wave 4-5 (blue) pattern.

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 15 October 2018 at 5:00 AM GMT

The USD/JPY currency pair is testing key support trend lines (blue), and the price is expected to make a bounce or break, which will depend on the candlestick patterns that appear.

Daily

Source: Admiral Markets MT5 with MT5SE Add-on USD/JPY motive wave – Accessed 15 October 2018 at 5:00 AM GMT

The USD/JPY currency pair has completed the wave Y (pink) of wave D (purple), if the price manages to break below support. A bounce at the support indicates a potential bullish continuation.

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.