Ever since late March 2018, USD/JPY has been rising consistently towards October 2018 highs, with shallow and short-lived pullbacks. The bullish trend has been labeled as Intermediate (A) (turquoise), with its Minor sub-waves 12345 (green) unfolding within an Ascending Channel, under a Leading Diagonal structure.
In order for Primary Y (blue) to continue its swings in a cleaner manner, a proper correction in Intermediate (B) (turquoise) would be needed.
Within Intermediate (B) (turquoise), the first decline has been labeled as Minor A (red), and the swings which are showing corrective features has been labeled as Minor B (red).
Minor B (red) could be rejected form the strong resistance area and vibration zone located at the 61.8% Fibonacci Retracements of the yearly decline.
Minor C (red) could commence at or around the 113.45 levels and could cause a bearish breach, one which could lead towards the 109.50 or even 108.40 levels. Should this scenario occur, then an Inverted Head & Shoulders formation could also be possible, which would lead towards a bullish outcome for the medium-term.
In order for Primary Y (blue) to continue its swings in a cleaner manner, a proper correction in Intermediate (B) (turquoise) would be needed.
Within Intermediate (B) (turquoise), the first decline has been labeled as Minor A (red), and the swings which are showing corrective features has been labeled as Minor B (red).
Minor B (red) could be rejected form the strong resistance area and vibration zone located at the 61.8% Fibonacci Retracements of the yearly decline.
Minor C (red) could commence at or around the 113.45 levels and could cause a bearish breach, one which could lead towards the 109.50 or even 108.40 levels. Should this scenario occur, then an Inverted Head & Shoulders formation could also be possible, which would lead towards a bullish outcome for the medium-term.
