JWagnerFXTrader
Long

USDJPY Dip in an Uptrend - Watch 103.50-104.63

FX:USDJPY   U.S. Dollar/Japanese Yen
607 1 24
USDJPY             appears to be putting in the finishing touches to a corrective move lower. We can see an elliott wave impulsive move higher followed by what appears to be an a-b-c expanded flat correction . We can use wave measurements to gauge higher probability areas where blue wave 'c' may terminate.

3 areas I'm watching:
104.63 = wave 'a' low
103.90 = 38.2% retracement of the impulsive move
103.60 = equal overthrow below the wave 'a' low that we saw in wave 'b' above 'v'

If price does move down into these zones, be watchful for bullish reversals that may drive up towards 111 or higher.

If you are looking for intraday shifts in momentum, consider checking out the Grid Sight indicator.

Good luck!

Forex trading carries a high level of risk and losses can exceed deposited funds. Past performance is no indication of future results.
Hi JWagner, is it time now to play long, could you give your opinion please?
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