Longer term we seen USDJPY do a IMPULSE starting from the trump election. The movement been so important that the market been in consolidation since then.
We can see different kind of pattern that is forming within this consolidation. For the eliott trader, we know that the market normally do a single consolidation when the movement is important can do a double correction and when the movement is extreme, can do a TRIPLE CORRECTION. This is what I see. First it did an correction. Then it went for a W and again a W.
On longer timeframe, we can see that those 3 corrections created a huge CUP. For those trading pattern, we know that a CUP tells us a trend continuation. Plus on , the market is outside of the 50 periods. My last confirmation been that MONTHLY AREA.
So here is why I bought.
Trade with care,