YEN | Long Term

Weak Yen is hurting the Japanese economy with increase foreign demand and import to Japan became more expensive, look at the below announcements

JAPAN TOP CURRENCY DIPLOMAT KANDA: AGREED AT MEETING ON NEED TO WATCH MARKETS WITH STRONG SENSE OF URGENCY
JAPAN'S KANDA: RECENTLY SEEING SPECULATIVE, ONE-SIDED RAPID YEN MOVES
JAPAN'S KANDA: RECENT YEN FALLS CANNOT BE JUSTIFIED BASED ON FUNDAMENTALS
11:25
JAPAN'S KANDA: WON'T RULE OUT ANY STEP, READY TO TAKE ACTION IN FX MARKET
11:25
JAPAN'S KANDA: GOVT, BOJ IS EXTREMELY WORRIED ABOUT RECENT YEN MOVES


The current price is at a critical point where there is a supply area, Harmonic, ABC correction wave HTF and a channel.

I am anticipating the price to continue to increase but in correction manner and then the big fall start.

Comment:

First Update:

The price reached the zone that we are supposed to look for short at, the price reacted directly and now shown a strong down movement, USDJPY formed an SFP, the ideal situation is as the followings (1- we wait for the price to close, 2- place SL above monthly ATR, 3- look for entry place and preferably near the monthly close or above, 4- Take profit should be near to monthly support)

Comment:

Update 2:

The pair is moving as expected from it. Details will be covered in later update.

Comment:

This legendary move is still going as expected from the price I have entered until now around 1,700 pips.