farid_ardavani
Long

Possible reversal to upside; USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
Daily view of USDJPY             .
note the divergence.
it seems that correction is about to end.
Comment: 1H view :
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Comment: 1 H view:
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Comment: price broke the lower channel to downside. still we have divergence on 4hr; we have to wait until it make a clear pattern.
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Comment: This seems to be end of correction which ends with an ending triangle. this is a type of complex correction. so I'm waiting for a correction and long opportunities.
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Comment: updated labeling. UJ went one more down wave.
as you know corrective structures are very complex and as it develops we have to analyze and label it again...

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Comment: ready to go...
it seems that now we are at last steps of C wave of flat and wave to upside starts soon.

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Comment: price is in the triangular phase.
structurally it can breaks to both directions.
Now, I prefer the short setup because of the divergence, but I'm on long (buy) side for long term direction.
Although I prefer short setup, I would enter long if it breaks to upside, maybe because of today's FOMC meeting (fundamental news), but i will move my stop to break even as soon as possible.

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Comment: the structure developed like a correction and didn't break the upper trend line and reversed; so i anticipate there is still one more wave to downside to complete the structure
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Comment: these are probable moves, I have different strategies for every one of them.
now its not obvious which one is going to form, but i prefer those three correction rather than yellow impulsive one because the first wave which is shown in above chart is more likely a correction.
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Comment:
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