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This Elliot Wave Pattern Could Send USDJPY Lower DrasticallyThe weekly chart above shows USDJPY's entire decline from June 2015 high. The sell-off from June 2015 high to 2016 low can be seen as a five-wave Elliot wave impulse pattern in wave (A) . The sharp decline suggests that a massive zigzag is in the making and it's not completed yet. According to the Elliot Wave principle, a three-wave retracement pattern follows every impulse structure. In USDJPY's case, the sideways and contracting price action pattern started from June 2016 low to Feb 2020 can be seen as an Elliot Wave Triangle corrective pattern. The triangle correction is completed when the price breached the triangle support impulsively. Below is the H4 structure . Once a corrective pattern is completed, the price resumes in the direction of the dominant impulse, which is bearish in the USDJPY case. If this count is correct, USDJPY has the potential to move lower to 2016 low "wave (A)," and even further lower in wave (C) to complete the massive (A)-(B)-(C) zigzag pattern. Do you think UJ can trade to 2016 low?
Short
by Veejahbee
2
USDJPY: Possibility of 5 swing wave C?There are two possible outcomes: (1) Price will sell into the blue box from current levels and continue correcting between 107.00 - 109.00 or (2), we may be in the beginning of a 5 swing wave C. The possibility of sustained down side is supported by the fact that price is currently at a critical retracement (0.5 - 0.618) of my wave A. If price pushes through the 1.618 (at 107.184), we may just see price continuing with the downside.
Short
by UnknownUnicorn5158708
Can this Elliott Wave Setup Send USDJPY Go Downhill?The Daily chart of USDJPY reveals not only the recovery from 104.450, but also the preceding decline from 112.416. As visible, it is a five-wave leading diagonal pattern, labeled (i)-(ii)-(iii)-(iv)-(v) in wave 1. The five sub-waves of wave (i) can be recognized, as well. Ending diagonals form in the position of the first wave (A Or 1) of the larger sequence, which means that the overall bias is bearish. According to the Elliott Wave theory, a three-wave correction follows every impulse. This means the recovery to 109.296 by 30th October is hardly the start of a new uptrend. Instead, it is most likely a simple (a)-(b)-(c) zigzag correction within the larger downtrend from 112.416. Note how the 61.8% Fibonacci level discouraged the bulls in wave (c), and the entire recovery formed a wedge pattern. Those are confluence that the entire 5-3 wave cycle is complete. If this count is correct, we can expect the trend to resume in the direction of the impulsive sequence. Targets below wave 1 low (104.477) make sense for USDJPY in the weeks ahead. Thanks for reading!
Short
by Veejahbee
USDJPY Short 140 pipsHello Traders, A major move to the downside was seen in USDJPY breaking the swing uptrend line and a key support. Downwards momentum has been developed, thus a short position was entered with 100 pips stop loss just around the previous swing high and a 140 pips profit target just around a previously identified key level. However, NFP data will be released later this day due to being first Friday of the month, and thus position size should be properly managed as the market can go both ways (in which we can't predict). Have a lovely day! Riverfront Capital
Short
by riverfrontcapital
ENDING DIAGONAL SIGNALS BEARISH REVERSAL ON USDJPYUSDJPY has just completed a five-wave bullish Elliot Wave impulse move with ending diagonal pattern in wave (v). According to the theory, a three-wave pullback in the opposite direction follows every impulse move. In USDJPY's case, the impulsive breakout of the ending diagonal trendline signals the completion of the impulse and the start of the correction. Price has the potential to retrace 50% of the previous impulse move, a possible 1:2 RR trade setup. Thanks for reading!
Short
by Veejahbee
2
USDJPY short - EQUIY.Dear traders, So as you can see we expect USDJPY to go short. We think it will go short because the markt is now in a strong weekly supply zone. If you zoom in on the daily chart you can see we are now also in a strong institutional sell zone that’s been filled right now. It will be much clear on the 4h chart, you can see the 4h trendline is been broken en created a nicely “M formation”. For take profit levels and stoplos check our telegram group: t.me NOTE; if you follow our telegram group you will be always up to date about the last market trades and conditions. This is not everything, there is a lot more in the telegram group: What can you expect from us in the telegram group? -A watchlist video. This will be uploaded every Monday in the morning. -Trade setups. We only share high probability trade setups. -At the end of the week we will upload a market recap video. This means that we will look back at the trade setups we have discussed in the trading group. - Mini lessons about our strategy and mindset Furthermore, we have created this Equiy trading community group, because we want to create a community in which you can ask us questions, but also other people in the trading group. In that way we can grow as a community. We will share the link to this group in this message: t.me So, we hope you will enjoy this whole idea and that we will grow together! Team Equiy.
Short
by EQUIYtrading