USD/JPY at 78.6% Fibonacci level after 88.6% bullish bounce - Your capital is at risk
http://www.admiralmarkets.com/analyt...bullish-bounce
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj4.png
The USD/JPY remains stuck between the resistance of the daily downtrend channel (red) and the support of the various bottoms (green) and 88.6% Fibonacci level of wave 2 (purple). A break below the bottoms invalidates the bullish reversal, whereas a break above the bearish channel confirms the potential for a wave 3 (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj1.png
The USD/JPY retraced back and bounced at the 78.6% Fibonacci level of wave 2 (blue). A break above the resistance (orange) could start the wave 3 (blue) but a break below the 100% Fib invalidates wave 2 (blue).
Follow @ChrisSvorcik on twitter for latest market updates
http://www.admiralmarkets.com/analyt...bullish-bounce
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj4.png
The USD/JPY remains stuck between the resistance of the daily downtrend channel (red) and the support of the various bottoms (green) and 88.6% Fibonacci level of wave 2 (purple). A break below the bottoms invalidates the bullish reversal, whereas a break above the bearish channel confirms the potential for a wave 3 (purple).
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj1.png
The USD/JPY retraced back and bounced at the 78.6% Fibonacci level of wave 2 (blue). A break above the resistance (orange) could start the wave 3 (blue) but a break below the 100% Fib invalidates wave 2 (blue).
Follow @ChrisSvorcik on twitter for latest market updates