USDJPY trade succesfull, what's next

FX:USDJPY   U.S. Dollar / Japanese Yen
263 3
The Short trade for USDJPY worked out perfectly, we saw the short term buy at the beginning of the week for the completion of wave C followed by an impulsive wave C lower.
For context of that trade see link below:

Although we saw a strong move lower yesterday, the lower time frames like the 15 min still suggest that this is only a correction and not a potential bearish impulse for what I counted to be wave 5 in my previous post. Nevertheless we do what we always do, wait for price action to either consolidate or reverse. If price consolidates I'll sell the continuation once again. If price reverses I will wait for a consolidation and buy the continuation.

updates will follow.


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i think we might look for another sell opportunity the impuls up looks more corrective vs the down impuls i don't know if it is ok to look at it that way ?
i also see a counting mistake in your chart the II needs to be a Bwave right lets see if the consolidation gives is a nice setup !
+1 Reply
TimStuyts glaazie
The wave count shows that the bearish move is a possible 1-2 with wave 3 in progress or wave 3 might already be over with a wave 4 correction currently in progress. Or more likely at the moment an ABC pattern and I see I made a typo, thanks for pointing that out, not sure whether I can change that any more but should be clear now. For now I favor an ABC pattern due to characteristics of the first and second down move. But it is too soon to tell, therefore I showed both counts. I agree with the potential sell continuation trade (which will be the first possible trade for me until things change) but we have to see since nothing is confirmed yet.
TimStuyts glaazie
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