Hello traders!
Today we want to update USDJPY chart, which is moving nicely bullish as we expected at the beginning of 2021 and seems like there's room for more gains towards 2020 highs as we see an unfinished five-wave cycle.
As you can see, USDJPY is in an impulsive move up, breaking even above base channel resistance line which suggests wave (3) of a five-wave cycle. So, more upside is in view towards projected Fibonacci 110.80 and 112 target levels, but probably once a current consolidation, ideally a correction in wave 4 fully unfolds. Wave 4 can be either a triangle or a flag pattern that can retest the base channel resistance line as a support before the uptrend resumes.
We remain bullish as long as the price is trading above 106.20 invalidation level.
Trade well and all the best!
If you like what we do, then please like and share the idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we want to update USDJPY chart, which is moving nicely bullish as we expected at the beginning of 2021 and seems like there's room for more gains towards 2020 highs as we see an unfinished five-wave cycle.
As you can see, USDJPY is in an impulsive move up, breaking even above base channel resistance line which suggests wave (3) of a five-wave cycle. So, more upside is in view towards projected Fibonacci 110.80 and 112 target levels, but probably once a current consolidation, ideally a correction in wave 4 fully unfolds. Wave 4 can be either a triangle or a flag pattern that can retest the base channel resistance line as a support before the uptrend resumes.
We remain bullish as long as the price is trading above 106.20 invalidation level.
Trade well and all the best!
If you like what we do, then please like and share the idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
