Bear Flag - Remains Bullish, Wave Count & Levels

FX:EURJPY   Euro / Japanese Yen
182 2 5
The USDJPY             still held critical support last week. There may be a bias among traders that we will see a big move down in USDJPY             , but the break out has not yet occurred, and we are likely to see a bounce.

As the USD is weak as of late, we can take advantage of the yen bounce through EURJPY             which remains in a bullish cycle, and looks to be in a bear flag for the last leg up within the wave cycle.

The wave count shown here suggests we are doing a double corrective in the second leg.

The safe way to play the setup is to wait for an upside break of the flag setup.

The wave count invalidation falls at a close below 130.051 lows.

The setup targets a high above 132.50 - likely the 61.8% Fib on the daily @ 135.35 however, targets can be reassessed as the wave progresses.
Trade closed: stop reached: Channel likely to broken to downside as well.
UPDATE: We have completed the first bullish wave up. So far the pair has retraced back to the 38.2% fib. It can retrace lower, but looking for the lows at 130.11 to hold and then a break above today's high to confirm the second leg. The second leg should break us out of the flag pattern which opens the upside.
nice.. already long from last week.. with 130 sl.
+1 Reply
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