The USD/JPY broke above the 109-round level which made the previous wave structure unlikely. Price could instead be building a triangle pattern on the higher time frames and there is a chance that price is now building a wave D (purple) of that triangle. The 38.2% Fib is around 110 and could be the first resistance level where price might make a bearish retracement.
The USD/JPY broke above the 109-round level which made the previous wave structure unlikely. Price could instead be building a triangle pattern on the higher time frames and there is a chance that price is now building a wave D (purple) of that triangle. The 38.2% Fib is around 110 and could be the first resistance level where price might make a bearish retracement.
