NZD/JPY falling inside minor impulse wave C Next sell target - 76…
USD/JPY broke daily down channel
- USD/JPY broke daily down channel
- Next buy target - 1.7000
USD/JPY continues to rise inside the intermediate impulse wave (3) – which previously broke the resistance trendline of the wide daily down channel from March (which has enclosed the most of the previous primary ABC correction ②). The active wave started previously from the support zone lying between the key support level 111.70 (low of wave 2) and the 50% Fibonacci correction of the upward impulse from September. USD/JPY is expected to rise to the next buy target at the next resistance level 114.40.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.