USD/JPY Bullish Impulse Builds Bull Flag At 114

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USD/JPY

4 hour

Source: Admiral Markets MT5 with MT5 USD/JPY motive wave – Accessed 2 October 2018 at 5:00 AM GMT

The USDJPY currency pair is making a small consolidation zone at the -100% Fibonacci target near 114, which is a new decision zone for a bullish breakout or a bearish bounce. The candlestick patterns will confirm the immediate direction, but ultimately, the trend remains bullish and the price could complete wave C (purple) of wave Y of D at higher Fib targets.

1 hour

Source: Admiral Markets MT5 with MT5 USD/JPY motive wave – Accessed 2 October 2018 at 5:00 AM GMT

The USDJPY currency pair seems to have completed a wave 3 (green) due to the current consolidation zone or the bull flag chart pattern. A break below the support trend line (blue) could indicate a pullback to the Fibonacci retracement levels, whereas a bullish break above the resistance (red) might see the price move higher.

Daily

Source: Admiral Markets MT5 with MT5 USD/JPY motive wave – Accessed 2 October 2018 at 5:00 AM GMT

The USDJPY currency pair is showing a new higher high, but the bullish trend channel could still be part of a larger triangle (wave D purple), as long as the price remains below the 78.6% Fibonacci level at 115.95.

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