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USDJPY Price Projection Looking to go Short & then Long…Again

by Sanjay A, January 21, 2023

USD/JPY H4 Elliott Wave

by Sanjay January 21, 2023









Analysis Method:

Elliott Wave


In my previous post on USDJPY I had not accounted for an expanded wave iv triangle that retraced almost 78.6% of wave iii. The spike was news driven after the BOJ rate decision but was quickly discounted with price making a new low only hours later. Price has recovered but appears to be in a process of a wave iv triangle.

Trade Plan:

As indicated on chart

Risk Management:

0.7% max

Things To Watch For:

Look for price to move down approaching the lower trendline of the triangle followed by a move up the 50% retracement of wave iii which could mark the end of the triangle. If this scenario plays out I will look to add to my trade.


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  1. Another possible wave count (and maybe a better one) is that wave 1 is not yet over and price is in the final stage of decline in an ending diagonal or wedge pattern as shown. Under this scenario wave iv may have already completed or could yet still form a triangle.


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