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Lionheart-EWA
Dec 14, 2022 10:26 AM

USDJPY - Bullish Impulse - Minor C Long

FX_IDC:USDJPY240
U.S. DOLLAR / JAPANESE YENICE

Description

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USDJPY is preparing to shoot on the up-side, with a Bullish Impulse, ahead of the FOMC (FED).

Expected swing: Minor C (white), of Intermediate (B) (red) completion.

A spike in the Dollar would be expected on the FOMC Press Conference.

USDJPY Tech. Analysis:

* Elliott Wave: Intermediate (A) (red) complete
* Fibonacci Extension Confluence (Minors A-B-C (red))
* Minor B (white) Double Bottom
* Harmonic Pattern: Bullish Cypher
* Bullish Divergence
* 88.6% Fibonacci Retracement

USDJPY Trading Signal:

* Entry @ 134.150
* SL @ 131.00 & 126.000
* TP1 @ 145.00
* TP2 @ 149.855

* Buy Stop Level @ 138.00
* Aggressive Entry @ Market Price
* Conservative Entry @ 133.10

*Safety Measure: when in the green, moving SL to BE.

Many pips ahead!

Richard, the Wave Jedi.

Trade active

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Comment

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Minor C (white) has started.

Looking for a deeper retracement with a 61.8% Fibonacci Retracement.

Then I will be able to add longs.

Trade active

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Harmonic is in fact a Bullish Shark for USDJPY.
Revised the Wave Count with a Double Three in Minor B (white).

Comment

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USDJPY must shoot from here, otherwise the set-up will take a loss.

Comment

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USDJPY still has a chance to go up from here, but it better do it fast, because it's starting to invalidate the bull with each lower low... Not the best set-up...

Comment

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Last chance for this to go up.

Comment

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I updated the USDJPY wave count favoring a Diagonal.



Read the reply to @Afsars for the reason.

I am still looking for a LONG until further notice.

Comment

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Each move up slowly and steadily invalidates the 5th in the Diagonal.

NFP today!

Comment

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An Ending Diagonal's purpose is ... to end.

Elliott WaveCypherFibonacciUSDJPYdollaryenusdjpylongusdjpytradingsignalBullish DivergenceDemand Zone
Comments
Afsars
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I think, the post should be updated for new entry point...
Lionheart-EWA
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@Afsars ok, will work on that asap.
Afsars
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Thanks bro...
Lionheart-EWA
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Just a note here on the YEN:

An Ending Diagonal could still be in play, because of the wedged shape and the Divergence.

If that's true, then a last move down could happen on the upcoming news (FED Minutes, NFP), however, it will need to be short-lived and to bounce back immediately in an impulsive manner.

Otherwise it's something else and a loss is a loss.
Afsars
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@Lionheart-EWA Excellent 😊
Lionheart-EWA
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@Afsars, Wait and see game now. :)
camvu
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I do not think that long is a good choice for this one now, my friend.
Lionheart-EWA
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@camvu, Yeah, it does look like the moves down are prolonged...
JoeChampion
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Nice one fella, we are also bullish USD here!
Lionheart-EWA
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@JoeChampion, Thanks bro!

Questionmark here is a last low would be in place or not.

Either way, I am bullish short-term on USD as well.

Will get in either on the Diagonal's lower trendline with the Divergence, or, on the retracement after a bull spike.

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