USD/JPY is currently consolidating around the 144.00 level, suggesting the end of wave 4 within a 5-wave impulsive structure. Price action indicates potential for wave 5 to begin, with a projected target near 144.67.
Wave 1 to 3 appears clean and impulsive, with wave 3 extending strongly — a common trait in trending markets.
Wave 4 seems to be forming a flat or shallow zigzag correction, respecting typical retracement territory (between 23.6%–38.2% of wave 3).
If wave 4 holds above 143.80 (your stop), this level serves as the ideal invalidator for the current bullish structure.
Wave 5 would likely aim for 144.67, aligning with the 100% or 123.6% Fibonacci extension of wave 1, projected from wave 4's bottom.
Momentum indicators on lower timeframes are stabilizing, supporting the idea that downside pressure is waning and that the next leg higher may be imminent.
A break above 144.20–144.30 could confirm the wave 5 initiation. As long as price holds above 143.80, the risk-reward remains favorable toward the upside.
Wave 1 to 3 appears clean and impulsive, with wave 3 extending strongly — a common trait in trending markets.
Wave 4 seems to be forming a flat or shallow zigzag correction, respecting typical retracement territory (between 23.6%–38.2% of wave 3).
If wave 4 holds above 143.80 (your stop), this level serves as the ideal invalidator for the current bullish structure.
Wave 5 would likely aim for 144.67, aligning with the 100% or 123.6% Fibonacci extension of wave 1, projected from wave 4's bottom.
Momentum indicators on lower timeframes are stabilizing, supporting the idea that downside pressure is waning and that the next leg higher may be imminent.
A break above 144.20–144.30 could confirm the wave 5 initiation. As long as price holds above 143.80, the risk-reward remains favorable toward the upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.