PRO_Indicators

USDJPY / D1 : "Double Three" correctiv wave could push lower

FX:USDJPY   U.S. Dollar / Japanese Yen
It's always hard to predict corrective sequences in Elliott but here's what seems to be the most relevant configuration on USDJPY. Regarding the number of clean subwaves in this consolidation, this is generally the sign of a "Double Three".
Sinewave also confirms this scenario as we haven't got a single buying signal. The last signal being a bull TP that was an exit signal for longs and which pleads for this extended correction on WXY.
At this point it's impossible to predict the Y point and this idea will need to be updated in the future. So far all I can tell is that we have a nice cluster joining the 76,4% retracement of the last impulse and the 100% projection of W at X plus a price gap still open on this area. This makes this zone very attractive for a buyer and this is where I plan on putting some calls again, and simply wait in the meantime.
Anyway at this point I think it's still very early to buy this cross. Dollar may be low, but on my setup it's still bearish and shows no signs of reversal on daily timeframe. So combined with the risk that may come back on equities, that could drive a new bear push on this USDJPY.

Hope this idea will inspire some of you ! I'm pretty new to TradingView so I'ld appreciate any like/follow if you feel like it deserve it ;)
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