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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