USD/JPY Bearish Reversal at 61.8% Fibonacci Resistance Near 109

USD/JPY

4 hour

The USD/JPY has been showing increased volatile and choppy price action after it came close to hitting the round resistance level of 110. The rising wedge pattern in the middle of the chart suggests that a wave 5 (pink) of wave 1 (light purple) has been completed and that the current pattern is part of a bearish retracement. A break below support (blue) could confirm (green check) the extended and complex WXY (pink) correction towards the Fibonacci levels of wave 2 vs 1.

1 hour

The USD/JPY is probably building a bearish ABC (purple) zigzag pattern as long as the price stays below the 100% Fibonacci level (red x). A break above that 100% Fib could indicate a larger bullish push (dotted green lines) whereas a break below support (blue) could confirm (green check) the downtrend.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

This article was originally posted on FX Empire

More From FXEMPIRE:

• EUR/USD Mid-Session Technical Analysis for November 19, 2019

• Price of Gold Fundamental Daily Forecast – Direction Dictated by Demand for Higher-Yielding Assets

• AUD/USD and NZD/USD Fundamental Daily Forecast – Aussie, Kiwi Rebound Amid Increasing Demand for Higher Yields

• Asian Equities Unable to Keep Up With US Stocks’ Climb

• GBP/USD Daily Forecast – Sterling Eases Lower Following Technical Break

• Silver Prices Hover at $17.00 as Drifting Continues