USDJPY- One Final Push Left & Then a fall below 103.85 with NFP

FX:USDJPY   U.S. Dollar / Japanese Yen
394 0 13
Its very important to understand where you are wrong so that you can minimise your risk. As per previous update- we took short assuming that 5th circled wave is done from 102.72 when UJ made high@103.74 & as soon as it started moving above the swing high 103.69 after a fall@103.45's - I knew this 5th wave is extending so I was out of short call & we have just seen (2) wave in 5th circled wave & suggested that going above high 103.74 -it will make a new high which one can see how it shaped up.

It made a new high@104.15 -which again is just (3) rd             wave in 5th bracket wave -travelled 161.8% of respective (1) st             wave.

The fall from 104.15 to 103.86 was so sharp that it cannot be (4) th             wave itself - so I am assuming it as A-B-C Move where A-of (4) th             is done from 104.15 to 103.86 -likely B & C-wave             in (4) th             wave might consume whole 20-24 hrs             timeframe till NFP data is out tomorrow.

Once NFP Data is out we might see a push higher above 104.15 or equal distance to complete final push (5) th             in 5th circled wave.

Divergence is already visible on MACD .

Trading Strategy
Let us wait for sideways action to unfold -going into NFP data tomorrow -look for a higher push & then a fall immediately but surely after making a new high or similar high@104.15- when it falls below 103.85 -that will confirm the completion of wave starting from 102.72

Targets- shall be 102.70-102.75 with stops as a new high which will be created before or after NFP data immediately.

Previous update
How stop at 103.69 -gave me clue that UJ is extending up for a new high
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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