JWagnerFXTrader
Long

USDJPY Drops Into Support Zone - 121.49 Key Level

FX:USDJPY   U.S. Dollar/Japanese Yen
872 2 18
Today's drop penetrates deep enough into a support zone to consider the risk to reward ratio of a long position. The long position would be based on the current drop being wave iv and that means a wave v higher may begin soon. This pattern is valid so long as prices are above 121.49.

First target would be 124 and a secondary target up near 125.35.

Below 121.49 is significant and seals the Oct             15 to Nov 18 up move as a 3 wave move and a more significant top is in place.

Keep abreast of real time news in USDJPY             .
Comment: We broke below 121.49 so the alternate is activated. Blue i, ii, iii now become a,b,c and the Oct 15-Nov 18 move is corrective meaning it likely gets retraced.
yes! and interestingly enough, if you look at the FXY currency ETF it has been forming a barrier expanding triangle which should fire short! (short FXY vs long usd/jpy pair , same thing)
Reply
and for short-term outlook ?
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out