The 8HR chart above is showing my projections as to the path that we will see prices go. This initial move up that is happening right now still has some more upside to go and should be the wave (a) of the larger degree B. Wave B should unfold in 3-waves so when this wave (a) ends, we should see wave (b) take prices back down again and challenge the lows before we see a large wave (c) back up to even higher prices.
Here is the update of USDJPY that shows the adjusted wave count that I am now switching to. In this wave count, what I see is that the low set back in May 3rd may have been a the end of the larger wave A and that USDJPY is currently in a wave B. And this recent wave up is just the very beginning of that wave B. Wave B must be a 3-wave move so this initial wave up could be the wave (a) of the abc 3-wave wave B. Also notice that in this wave count, the EED has already completed and the E point was the low set back in May.
Prices have been testing the PRZ of the completed Bat (blue) but have NOT reached the D point of the next POTENTIAL Bat lower (yellow). If this scenario is correct, that Bat will remain unfilled until much later.
This is a free analysis posting I am providing for your information. Updates and follow-ups as well as trades based on this analysis are provided to subscribers in REAL-TIME and I will not necessarily post them here. TO be sure you can get all updates, analysis, and trade ideas in USDJPY as well as other pairs, make sure you subscribe to receive them. Go here to subscribe: http://goo.gl/qRNGsF
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!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Website: http://www.efxselect.com to subscribe
Year-to-date Profits: +5,794 pips.
Weekly Best Bets Newsletter: http://bit.ly/2uEvQWF
This Month In Indexes newsletter: http://bit.ly/2tGqpcy
Want results like this? Join us: http://bit.ly/29x4bfM