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JPY Basket … Wave Count Suggesting Yen Strength

by Sanjay A, June 25, 2022

GBP/JPY D1 Elliott Wave

by Sanjay June 25, 2022

5
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GBP/JPY

|

Short

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D1

Timeframe:

D1

Analysis Method:

Elliott Wave

Analysis:

The analysis starts from a break of a triangle pattern followed by a 5-wave move down concluding at 7830. Price then moved up to complete sub-wave a before making a new low at sub-wave b suggesting an expanded flat pattern. Note that MACD was divergent with price at this new low. Price now may be moving up in sub-wave c to complete the correction..

Trade Plan:

Short JPY pairs as long as price holds above 7518. A potential target is 8703 which is the 61.8% retracement of the move down from the triangle. Potential reward/risk ration on this trade is 5.5:1 (depending on the pair)

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