For my previous posts and updates have a look below:
I'm looking for 5 waves for wave C towards at least 116. Therefore I like to look for buy trades after each minor consolidation. Keep in mind that NFP is on the agenda later today. (The count in green is indicative)
I was looking for a stronger correction but this pair shows an example of how complex a correction can be. It might turn into a triangle formation. Nevertheless short term there is another buy opportunity, however it is always an IF-THEN approach so I'll be looking for a consolidation of lesser degree and then buy the continuation. I'm still long my original trade with stop loss at break even. I will watch for a possible break and test of 116.
Comment
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Keep a close eye on price action. This pair reached the projected structure zone shown by means of the upper red trend line. If we see a consolidation and bullish continuation buy USDJPY towards 116.
Comments
TimStuyts
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I was looking for a stronger correction but this pair shows an example of how complex a correction can be. It might turn into a triangle formation. Nevertheless short term there is another buy opportunity, however it is always an IF-THEN approach so I'll be looking for a consolidation of lesser degree and then buy the continuation. I'm still long my original trade with stop loss at break even. I will watch for a possible break and test of 116.
TradZ
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NFP Is this Friday
TimStuyts
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Yes you're right, make sense that it is tomorrow. I see it is a mistake on 'forex factory'.Thank you.