Wave (iv) over. Look for a rally to 111.06 in wave (v)

FX:USDJPY   U.S. Dollar / Japanese Yen
201 3
With a perfect decline to the 38.2% corrective target of wave ( iii ), which at the same time proved to be the bottom of red wave iv of one lessor degree, the odds for wave (iv) being over are high. I will buy EUR upon a break above 107.46 with a stop at 106.70 for a target at 111.06. We could see a move even higher to 112.07.

I think this trade does offer a very nice Risk/Reward potential
The minor resistance-line from 109.89 is broken and the buy-signal will be triggered upon a break above 107.40. As we saw a new low at 106.66 yesterday stop should be placed just below at 106.60. It's time to ride wave (v) higher.
Great explanation with the different stochastics. it found support at the high 106s today.
EWS TomPower
Thank you very much TomPower.

Yes, we still don't have proper a buy-signal. It will be given upon a break above the falling resistance-line near 107.35 and confirmed by a break above resistance at 107.46.
+1 Reply
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