JWagnerFXTrader
Long

USDJPY Bounces From Wave Confluence - 119.40 Key Level

FX:USDJPY   U.S. Dollar/Japanese Yen
471 0 11
USDJPY             has been stuck in a sideways consolidation. The move off the October 2 NFP low has an impulsive 5 wave look to it. The resulting correction lower from Oct             5 to today landed at a confluence of wave relationships near 119.40. We are seeing this reaction at 119.40 and one potential outcome in Elliott Wave Theory is for a drive higher to 120.50-121.30. Therefore, there is a positive risk to reward ratio trade if we use today's low as the risk.

The previous post on the USD/JPY             has drifted lower so depending on your entry and stop you either have a small loss or a small profit.

Happy trading!
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out