USDJPY appears to be unfolding a classic ABC correction following the completion of a 5-wave impulse pattern. Price action recently bounced off the 0.618 Fibonacci level (~140.62), but faces resistance around the 0.5 retracement zone (~144.70), where price is currently testing.
Key levels and confluences:
🔹 EMA cluster around current price
🔹 Potential descending channel
🔹 Major resistance zones: 148.77 (Fib 0.382) & 151.92
🔹 Bearish wave (C) projection could extend toward the 137.99–139.62 area
Unless bulls break decisively above 148.77, bias remains bearish with possible continuation toward the lower boundary of the corrective structure.
Watching closely for price reaction at key EMAs and lower highs for short setups.
Key levels and confluences:
🔹 EMA cluster around current price
🔹 Potential descending channel
🔹 Major resistance zones: 148.77 (Fib 0.382) & 151.92
🔹 Bearish wave (C) projection could extend toward the 137.99–139.62 area
Unless bulls break decisively above 148.77, bias remains bearish with possible continuation toward the lower boundary of the corrective structure.
Watching closely for price reaction at key EMAs and lower highs for short setups.
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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.
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.