EverythingForex

UPDATE #1: QUICK ANALYSIS: USDJPY: Scenario #1: Triangle

FX:USDJPY   U.S. Dollar / Japanese Yen
I'm updating this scenario #1 because I realized I had forgotten to post the 1Hr TF chart breaking down the trinagle's internal waves as well as showing the cypher in relation to the triangle and its' upper TL. So here it is. As of the time of this posting, prices have just about reached the cyher but not quite yet. And have done so in an explosive manner. So we'll need to see how it reacts upon filling the cypher before making any moves. Right now, I'm LONG in this pair but because of the scenario #2 that I posted and not because of this scenario. But that does not mean that the cypher and the upper TL of the triangle are not still important. They are still there regardless of which scenario I choose to trade on so must be paid attention to.

What I am also showing in this update to the Scenario #1 is an AB=CD pattern to complete the wave (c) of wave E of the triangle. This AB=CD point also is the profit target from the height of the expanding triangle within the larger contracting triangle. Notice also that this point is within the PRZ of the cypher .

Here's the expanded view of that 1Hr TF Chart showing the overall wave count for the triangle:

Here's the 4Hr TF chart again for Scenario #1:
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