USDJPY: Riding the conclusion of Wave 5
Updated
Greetings fellow traders,
I extend my best wishes for a prosperous New Year to you all.
Allow me to share my analysis of the USDJPY market. As we can all observe, the pair is currently in a bullish trend, having exhibited the attributes of an impulsive 5-wave pattern. It seems we may be witnessing the conclusion of the last impulsive wave, assuming it is not truncated.
The market appears to be in sub-wave 4 within the final wave 5. As such, I anticipate an impulsive upward movement, taking out the previous high at 145.977. My optimal entry point is at the 145.157 price level, where I anticipate market to find support.
The projected targets for this analysis are 146.883, 147.554, and the extreme upper border of the channel at 148.184. This outlook would be invalidated if the price were to dip below 144.315.
There is CPI report today. Market may whipsaw in both directions, trade with caution.
Thanks, and cheers to a more profitable 2024.
I extend my best wishes for a prosperous New Year to you all.
Allow me to share my analysis of the USDJPY market. As we can all observe, the pair is currently in a bullish trend, having exhibited the attributes of an impulsive 5-wave pattern. It seems we may be witnessing the conclusion of the last impulsive wave, assuming it is not truncated.
The market appears to be in sub-wave 4 within the final wave 5. As such, I anticipate an impulsive upward movement, taking out the previous high at 145.977. My optimal entry point is at the 145.157 price level, where I anticipate market to find support.
The projected targets for this analysis are 146.883, 147.554, and the extreme upper border of the channel at 148.184. This outlook would be invalidated if the price were to dip below 144.315.
There is CPI report today. Market may whipsaw in both directions, trade with caution.
Thanks, and cheers to a more profitable 2024.
Note
First target 146.883 has been hit (+184Pips).Note
Second target hit (+250pips) at 147.554Note
USDJPY is almost touching the reversal level. It may or may not touch the 148.44 level exactly, if a reversal pattern shows up anywhere close, it will be great to consider selling the pair.
Note
3rd target hit at +322Pips. (148.184)Trade closed: target reached
Note
Happened at the exact zone predicted. Let's see if the price continues to move downward.
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