Mizuki32
Long

USDJPY: Bear trend coming to an end

FX:USDJPY   U.S. Dollar/Japanese Yen
422 4 8
7 months ago
I would like to think that the strong bearish trend since Jun. 2015 high is coming to an end.
Analysis and Reason:
1) The price action since Jun. 2015 high is forming a flat (a)-(b)-(c) correction that is (zigzag)-(combination)-(impulse).
2) Ongoing primary wave since Jun. 2015 high might be {W}-{X}-{Z} combination that is {flat}-{???}-{???}.
3) The price reached 1.618 Fib extension level as (c)=1.618(a).
4) RSI shows oversold.

Long term target:
0.382-0.618 Fib retracement level of preceding corrective wave {W} as shown in the chart.

I would like to wait for more clear signal of the trend reversal before entry.
Thank you for reading my analysis. Good weekend.
7 months ago
Comment: Errata: 4th line, {W}-{X}-{Z} ---> {W}-{X}-{Y}
7 months ago
Comment:
snapshot

Related Ideas

aibek
7 months ago
Nice chart!
Reply
Mizuki32 aibek
7 months ago
Thanks. :)
Reply
Rickvespa
7 months ago
hello there!
Are you based in Japan?
Reply
Mizuki32 Rickvespa
7 months ago
Hi, there!
Yes, I live in Japan. I am Japanese.
Reply
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