USDJPY – Technical Analysis, W1, D1

The USDJPY currency pair experienced a major rebound after a large harmonic pattern XABCD (similar to the Crab Pattern). Looking at the whole chart we can assume that this is only the first part of the upward movement because of breakout of the “A-C” line.

The resistance levels are set by the Fibonacci retracements, and the support levels are created by the local tops 84,49 – 83,95.

Looking at the daily chart a corrective 4th wave is being created now with the support at the local bottom (84,00). If it is not broken then we can expect one more upward movement in the short term as a wave five with the resistance at the 100% Fibo expansion (86,07).

Daniel Kostecki

Technical Analyst of Financial Markets

[email protected]

X-Trade Brokers DM S.A.

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