Hey Folks, Facts: 1- Top of structure broken, so the 3 wave correction is about to end up. 2- There is still a chance of one more move up, watch for that. 3- As soon as market breaks trendline we will get in the trade. - Hola Amigos, Hechos: 1- Tope de la estructura roto por el mercado, por lo cual la correción de 3 ondas terminará pronto. 2- Cuidado! Quizás...
This is what i think is happening. Were on wave A to the downside. Weve finished wave 2 within Wave A so now were on wave 3.
Yesterday I made a mistake on my USDJPY idea. I was thinking it was doing a 5 wave impulse to the downside, but It isnt. USDJPY finished 5 waves to the upside and now we should see an ABC correction to the downside. Its possible wave B has finished, and now well see 5 waves down within this C wave to the downside. Another possibility is that were only on Wave A to...
Usdjpy hitting the trendline and the 38.2 fibbonacci level. Wave 3 Within wave 3 is next :)
You can see 5 waves within wave 1 and abc correction within wave 2 very clearly. If wave 3 is next, this will be a big drop. Keep in mind, Wave C within wave 2 could have more bullish room to go.
Should see abc correction to the down side.
Intraday the level looks like a reasonable entry...
I've been following Elliott wave on USDJPY for the past week now and have had consistent, profitable trades. It appears that Weve just finished 5 waves to the downside and now were moving into an ABC correction to the upside. Wave 5 may have more bearish room to go but we should see a correction to the upside soon.
Above is what I am currently watching on this pair. The outcome will largely depend on what the NFP report is relative to expectations. I would not trade until after the report at 7:30 a.m. CST. Have a good night:)
Overview - Sentiment immediately changed (...again... I know) from extreme bearish to excessive bullish from traders as we reverted back to the top of the channel. This is especially true in the USDJPY pair. The index and the USDJPY is still clearly in a downtrend. Unless you are eager to get ran over by the heavy weight greenback, I urge for confirmation before...
Since Trump speech this week the USDJPY has been on down trend. I believe the USDJPY will continue to fall and test key level of 113.40 support level. Break below that price could head towards the 110.00 level in the coming months.
Looking for Support @ 21 Day EMA
Well this is getting a little crazy. We have had 3 cypher patterns on the USDJPY in the past week which is above normal on the hourly chart. The last one was profitable but only to target 1. Lets see if this one will fill and do better.
I'm personally expecting more upside to uj as exhaustion is not prevalent on higher timeframes, however, it is a possibility that a correction will begin in the coming days/weeks. A better entry for a short in my opinion is 121.4 area, however, if bearish market structure emerges i will look for short entries.
I usually don't publish short term ideas. Ok this one is quick and dirty. Entry now (117.53) Stop below wave (E) 117.08 Target = 119.36 Risk/Reward 4