USD/JPY in forming C leg, looking for rebound
USD/JPY after ended its 5th wave at around 113.118 has been retraced and now it has been trading in a corrective phase ABC and the C leg thereof is probably in forming now, which in a 5 3 5 pattern to recognize. I think in a technical point of view, the support levels at around 109.1xx – 110-3xx are well established.
So looking for following levels to trading with this pair in the coming time:
- short term sell to 109.2xx level
- looking for support at 109.1xx level and take a buy from there for a rebound
Take your look at the depicted chart below for more reference:
Click on the play button to see how the live price develops
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