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DarlingtonForex

USDJPY long trade with great risk-reward Elliott Wave Analysis

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
DarlingtonForex Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Chart Patterns Wave Analysis Technical Indicators USDJPY Elliott Wave Chart patterns
3
2
chartpattern waveanalysis indicator usdjpy elliottwaves chartpatterns
USDJPY completed a leading diagonal pattern on Nov 6th which lasted over 7 months. Current price action is consolidating in a triangle pattern which appears nearly complete and ready to break to the upside.
My target price is around the 1.0655 level, the termination of wave (iv) of the leading diagonal. Invalidation is 1.0317. At current price the risk/reward ratio of this trade is 3/1.
Trade active:
The triangle pattern is no longer valid and a deeper correction is in play. Nonetheless, we remain bullish as long as price remains above 103.177.
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