USDJPY made a nice bullish structure from 14th of June, which has ideally ended two days ago. If that is the case, then we now see a three wave consolidation in progress, with waves a) and b) completed and current intra-day weakness can be wave c) of two in motion. Current leg c) can see limited downside around the area of a former wave iv) at 110.64 or around the Fibonacci ratios of 50.0 or 61.8, from where a new bounce higher may later follow.
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Hi Thanks for the idea. One question. Is it not possible that the (c) is already done at 110.96 instead of looking much lower towards 110.62?
ew-forecast
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@Olu, Hi and thanks for the question. Yes it can be possible, but looking how it turned out, we could say that maybe a triangle correction is unfolding ?
Olu
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@ew-forecast, With time the markets have shown its hand. This looks like a wave 3 of 5 of 5.
ew-forecast
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@Olu, I think current rally from June of 22 is minor wave one of three