Back to all Ideas
USDJPY Price Projection Looking to go Short & then Long…Again
by Sanjay A, January 21, 2023
by Sanjay January 21, 2023
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.
As indicated on chart
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.
LEAVE YOUR COMMENT HERE:
You must be logged in to post a comment.