USDJPY: Post-FOMC Reached CRITICAL Level!
Updated
In my last post on this pair, I projected pre_FOMC that it would heading up and reaching this critical level. Here is my chart from last week before the FOMC:
In the updated chart you see in this post, it did EXACTLY what I said it would. That's no surprise when you know the wave count, understand structure and patterns and have the experience to know what is most likely to happen. That is why I am able to make these projections. They aren't just wild guessing and I don't just place 2 arrows on the chart and say "oh, it may break down or it may go up!". No. I SHOW you why it will most likely do what I said it would do! Not leave you guessing! And if you have followed my posts for any amount of time, you know that I'm right more often than wrong! Ok, enough of the self-promotion! Let's talk about the chart.
This entire HUGE powerful move up which I forecasted to happen 3 months ago (see my post on this: USDJPY: This Is My "SETUP OF THE MONTH" Don't Miss This!) has unfolded as I expected it to. And if you listened to me, you should be up over +1100 pips now! If you saw it on my longer term charts, you would know and clearly see that this HUGE move up is a wave 3-type impulse and not only that, is the wave iii of (iii)! In other words, the most powerful wave of the most powerful wave! I said that the wave 3 was coming way back 3 months ago.
Another factor that points to this wave iii being done now is that there was a ED in the wave (5) position of that wave iii. Usually, powerful impulse waves end in an ED-type formation. And we have that here. Knowing this simple fact was one of the reasons that I was able to issue a BUY call 2 weeks ago to my members and we just pocketed +434 pips this past week. And remember, this BUY call was issued WAAAYYY before the FOMC so news had NOTHING to do with it!
So now that prices have reached this critical level and is now being rejected by it, what do I see is to happen now? Well, IF this wave iii is finally done, then of course, we should be expecting a wave iv pullback. And that is what is expected to happen! There is also a COMPLETED Crab pattern that has yet to cash in. I would expect that this wave iv pullback will fall at least to the TP1 of that crab.
However, if you are to trade this level, be mindful that we would see some stop hunting occur before it does drop.
In the updated chart you see in this post, it did EXACTLY what I said it would. That's no surprise when you know the wave count, understand structure and patterns and have the experience to know what is most likely to happen. That is why I am able to make these projections. They aren't just wild guessing and I don't just place 2 arrows on the chart and say "oh, it may break down or it may go up!". No. I SHOW you why it will most likely do what I said it would do! Not leave you guessing! And if you have followed my posts for any amount of time, you know that I'm right more often than wrong! Ok, enough of the self-promotion! Let's talk about the chart.
This entire HUGE powerful move up which I forecasted to happen 3 months ago (see my post on this: USDJPY: This Is My "SETUP OF THE MONTH" Don't Miss This!) has unfolded as I expected it to. And if you listened to me, you should be up over +1100 pips now! If you saw it on my longer term charts, you would know and clearly see that this HUGE move up is a wave 3-type impulse and not only that, is the wave iii of (iii)! In other words, the most powerful wave of the most powerful wave! I said that the wave 3 was coming way back 3 months ago.
Another factor that points to this wave iii being done now is that there was a ED in the wave (5) position of that wave iii. Usually, powerful impulse waves end in an ED-type formation. And we have that here. Knowing this simple fact was one of the reasons that I was able to issue a BUY call 2 weeks ago to my members and we just pocketed +434 pips this past week. And remember, this BUY call was issued WAAAYYY before the FOMC so news had NOTHING to do with it!
So now that prices have reached this critical level and is now being rejected by it, what do I see is to happen now? Well, IF this wave iii is finally done, then of course, we should be expecting a wave iv pullback. And that is what is expected to happen! There is also a COMPLETED Crab pattern that has yet to cash in. I would expect that this wave iv pullback will fall at least to the TP1 of that crab.
However, if you are to trade this level, be mindful that we would see some stop hunting occur before it does drop.
Note
Although the 1.618 did initially halt the wave iii move up, it is now pretty clear that this wave iii is not yet ended given the current price action. The ending wave (5) of iii appears not yet done as the wave count indicates. So I am expecting that there will be another leg up before this wave iii is done. If you are SHORT, you need to protect your trade!
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