__SpecialFX__
Long

Bear Flag - Remains Bullish, Wave Count & Levels

FX:EURJPY   Euro Fx/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.
snapshot
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nice.. already long from last week.. with 130 sl.
+1 Reply
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