EverythingForex

UPDATE #2: USDJPY: Finishing Wave 4: Big Bat & Triangle Finish

FX:USDJPY   U.S. Dollar/Japanese Yen
I'm updating my last post on this pair (see Related Ideas: "UPDATE #1: USDJPY: The Next Move - Finishing Wave 4") and adding the triangle pattern that is being traced out and also a large POTENTIAL bearish bat pattern that may retrace almost all of the wave 3 down.

Since my last post, prices have shot up along the POTENTIAL bearish cypher CD leg and may soon complete it. You can also see that it has just broken out of an expanding triangle it has been in after completing its' E point. At this point, I am doubting that prices will reverse back down to complete the crab pattern before it completes the cypher though I'm still leaving the crab in place until it officially gets invalidated by prices exceeding its' C point.

4HR CHART - Showing The Big Bat & Triangle
Here you can clearly see that prices have been working on a triangle pattern with the final wave E (circled) now about to complete. At that point, we'll need to see what prices will do. If it breaks through the upper TL and continues up, we might see prices continue up to complete the bat. Keep in mind that wave E of triangles can and do have a tendency to exceed the TL in an "overthrow" move before reversing. So just because it breaks the triangle does not automatically mean it will continue up. We'll have to watch the price action at that point to determine the net move.
snapshot

MY TRADE PLAN
Now that prices are close to completing the cypher pattern and getting near to the upper TL of the triangle, I will be patient and wait until either or both happen.I will be watching this pair closely for signs of bearish price action to signal the end of the wave 4 and the resumption of the main trend down and complete the wave 5 down

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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