The USDJPY is most likely in a mid-term downtrend. That is depicted by the pale green and blue channels. The current move up is most likely corrective and it is most likely mature.
The black scenario is slightly more likely. However, red could also play out. That would be the case if an impulse gets near the dotted horizontal line. The first steps to that are an impulse from the mid-May high and a break of the yellow trend channel.
Waiting for a pullback after an immediate impulse (red) or a greater pullback within the yellow trend (black)
The black scenario is slightly more likely. However, red could also play out. That would be the case if an impulse gets near the dotted horizontal line. The first steps to that are an impulse from the mid-May high and a break of the yellow trend channel.
Waiting for a pullback after an immediate impulse (red) or a greater pullback within the yellow trend (black)
Comment:
Activating this now with S/L at 112.50
Trade closed: stop reached:
-1.62%