Hello traders and investors!
USDJPY is nicely recovering after we noticed a completed ending diagonal and bottom formation at 102.60 lows. The price action looks strong and impulsive now, so seems like it's unfolding five waves up from the lows that can send the it even up to 106 - 107 area, just be aware of short-term wave 4 corrections, a lower degree and higher degree.
What we want to say is that as long as strong trendline connected from the lows and 104.00 level hold, we can expect more upside within a five-wave cycle.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
USDJPY is nicely recovering after we noticed a completed ending diagonal and bottom formation at 102.60 lows. The price action looks strong and impulsive now, so seems like it's unfolding five waves up from the lows that can send the it even up to 106 - 107 area, just be aware of short-term wave 4 corrections, a lower degree and higher degree.
What we want to say is that as long as strong trendline connected from the lows and 104.00 level hold, we can expect more upside within a five-wave cycle.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Note
USDJPY is unfolding five waves up towards 106-107 area as we actually expected and it's confirming bullish trend, but after every five waves, a three-wave A-B-C pullback follows, so be aware of a corrective decline before the uptrend resumes. Ideal support would be around 104.40 level.Note
After reaching wave (5), USDJPY is now slowing down within a projected higher degree A-B-C correction that can send the price back to 104.40 support area before a bullish resumption.
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Learn Elliott Waves
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Related publications
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.