With the RSI bouncing off the bottom trendline I believe C of the bullish triangle is complete. If D is underway then I would be targeting the 1.5500 area while 1.41275 holds. After D is complete then we should see an E wave down to complete the triangle followed by a C wave up. C wave target is 1.8500.
An RSI break above the falling wedge and 50 RSI would...
With the consolidation over the last few days turning into a possible 4th or B wave traingle the USDJPY coud now spike up to the 106.00 area to finish pf the triangle.
I believe we will see a new high toward 80.5 in the #AUDJPY before lower. There is a rising wedge forming that could b C of an ABC up as labeled or the entire move could be a C wave of a larger ABC. Eirther wat I am looking lower after the move up to 80.500 - 81.00.
Plenty of support on the RSI 40 and 70 is acting as resistance as price moves lower after...
The weekly Bullish count is looking for a 3 wave move down to complete an "e" wave of the "b" wave triangle. After the triangle completion the pair should have a pretty strong move up to the 1.15 area.
The 1.15 target area has three measurements that complete in that area. (Y) = (W), c = a and the width of the triangle.
A break of .94439 would invalid this...
Looking for a move higher from here with a target of the 120.00 area. An alt count would be a wave 4 triangle with a target of 118.00. I will be watching the RSI for clues as it reaches the 65.00 area.
The move down on the #EURJPY looks complete and I am looking for a move back above 116.00 over the coming weeks.
A break above the 60 RSI would be a nice sign of strength.
I believe this latest move down is a D leg of the larger triangle that has been forming for over a year. I move above the RSI down trend line could signal the bottom of this leg and the pair would start the E leg higher.
I had a target of 81.00 on a previous chart post and this ascending triangle has a target of 81.50. Would like to see price tag that 79.00 for an entry.
Link to Ascending Triangle explanation.
Looking for 112.50 in wave C of Y of {B} before higher in {C}, I am looking at a possible triangle on the larger time frame.
the dropin wave A sent the RSI to below 20 before spiking up to resistance at 62. I will be looking for divergence above 30 on this C wave down for a possible long.
Wave (D) of this triangle could be complete and we would see a small pullback before a final spike out of the triangle toward 106.00. The count I am showing calls for a few more days of consolidation befor the spike out of the triangle.
Wave (I) up certainly looks complete and I will be looking for a 3 wave move down to 1.05 area for wave (II). That could be a good place to be long for wave (III) up.
