USDJPY Heading for the 5th Wave Up!
Updated
USDJPY Heading for the 5th Wave Up! Targets for Possible Reversals and Profit-Taking Zones
From July 11, 2024, USDJPY began a bearish movement that concluded on September 16, 2024, near 139.57.
The price is clearly showing the development of a 5-wave pattern, and it looks like the price is about to begin the bullish wave for the 5th wave up.
You may watch the video analysis for further details!
Thank you:)
From July 11, 2024, USDJPY began a bearish movement that concluded on September 16, 2024, near 139.57.
The price is clearly showing the development of a 5-wave pattern, and it looks like the price is about to begin the bullish wave for the 5th wave up.
You may watch the video analysis for further details!
Thank you:)
Note
Trade active
📣 USDJPY - Uptrend Continues +140 pips so far
From the analysis I posted, USDJPY has risen by almost 140 pips, and it appears the bullish move is not over yet. Despite some signs of exhaustion, the price has created a new higher high and is likely to continue its upward trend.
Today, the main focus is on the US inflation data (CPI). Depending on the data, the market will make the first move. However, I do not expect any significant impact on USDJPY. Even if it moves down, it should present a new opportunity to buy at a lower price.
Trade closed: target reached
Note
✅PS: The market is expecting a slight increase on the US Initial Jobless Claims to 223K from 221K the previous month.
For the PPI data the market participants are expecting the main PPI indicator to increase to 3% vs 2.8% the previous month.
This is also in line the the CPI data reported yesterday that were higher compared to the previous month 2.6% Actual vs 2.4% previous month.
If that happens the USD may show some strength again. However don't forget that the yesterday movement began late and was very tricky
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