waleedkhan
Short

USDJPY close to key resistance areas whilst wave cycle ends

FX:USDJPY   U.S. Dollar / Japanese Yen
239 4 0
On the daily cart USDJPY             is near key resistance areas, the the 5th wave seems to have completed at the start of this year and ever since the pair has been in a sideways consolidation...

I expect the pair to correct to atleast the end of wave 4...Even though in terms of its longer outlook, the pair has only retraced 61.8% from its historic highs; which indicates further selling, but I think that it might have bottomed out, and if the USD index is to break out for the higher side; I am sure USDJPY             will play a key part in doing that.
what % confidence have you usdjpy gets below 100?
Reply
waleedkhan claydoctor
Well given the current scenario with usd index; it would be a long shot. Price has so far retraced to the 38.2% retracement level which is common in a sideways correction -- but then again after an entire wave cycle gets completed; it is possible for the price to come down to the level of where the previous 4th wave ended...

so lets see what happens...
Reply
claydoctor waleedkhan
Thanks, how about that GDP
Reply
waleedkhan claydoctor
unbelievable...
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