USDJPY: Wave 4 Consolidation Expected Before Anticipate Rally
Hello Traders,
Here is my long term view of USDJPY:
USDJPY has been in a bullish rally since mid-January 2023, with wave 1 as a leading diagonal and wave 2 as a corrective zig-zag pattern. Wave 3, the longest wave channel, unfolded from March 24th to June 30th. It appears we are currently in wave 4, which is expected to be a sideways movement, possibly a triangle or combination. As such, wave 4 may last for around 1 month or more before wave 5's upward rally.
A weak dollar CPI report today may drive USDJPY to the downside close to the golden fib zone at 138.257 resulting in the breakout of the bullish channel before consolidation and the anticipated rally. My long-term target: 148.00. Medium term target: 145.153. The Invalidation level: 137.50.
Cheers and happy trading.
Here is my long term view of USDJPY:
USDJPY has been in a bullish rally since mid-January 2023, with wave 1 as a leading diagonal and wave 2 as a corrective zig-zag pattern. Wave 3, the longest wave channel, unfolded from March 24th to June 30th. It appears we are currently in wave 4, which is expected to be a sideways movement, possibly a triangle or combination. As such, wave 4 may last for around 1 month or more before wave 5's upward rally.
A weak dollar CPI report today may drive USDJPY to the downside close to the golden fib zone at 138.257 resulting in the breakout of the bullish channel before consolidation and the anticipated rally. My long-term target: 148.00. Medium term target: 145.153. The Invalidation level: 137.50.
Cheers and happy trading.
Trade closed: target reached