EWS

USD/JPY - Flat correction before higher

FX:USDJPY   U.S. Dollar / Japanese Yen
I have attached my 4-hourly count and added some comments to the MACD-Indicator. I like this indicator in combination with the RSI (not shown on the chart), but you can use many other indicators that will give you the same kind of information.

I have not shown it on the MACD , but the last low to -0.20 show a positive reversal signal (new low on the indicator not seen in the price-chart. This is typical wave four behavior. So I think we will see a flat wave (iv) followed by wave (v) higher to 111.33 and this will end wave 3 and then a new correction in wave 4 followed by a new high to 113.20 before a more firm top is in place here.
Dear Dan, do you still think it will go higher? Will this last resistance hold?
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DanV marco1994
No I think that wave (iii) on your chart is complete 5 wave cycle and possible we have major top in place. If so then we are actually in early stage of new down trend.
Reply
EWS marco1994
Hi Marco1994,

I still think, that this is a wave four correction and a new rally will be seen soon. We could still see a move a little lower towards 106.81, but the bottom should be close. A break above 107.70 would be the first strong indication that wave four is in place, while a break above 108.74 confirms the bottom for the next rally higher to 111.33.
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I agree with Sandeep. It could be abc in which case it is complete. Or if this is 5 wave move up then possibly we are in wave 4 with retest or new minor higher high to follow for completion of the entire cycle and in the process likely form a major top.
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