TimStuyts

USDJPY, ideally one leg lower

FX:USDJPY   U.S. Dollar/Japanese Yen
565 4 15
USDJPY             is getting very interesting but I think that the Yen strength is not over yet. The wave count is not pretty and that's why I will be open to adjust once I see a bullish acceleration. However based on market dynamic and the characteristics of this pair I really like to see at least one more new low that breaks below 1.055.
The 1 hour time frame however shows a possible reversal to be next and that will explain a big deal about what to be next in terms of the bigger picture. If it is corrective we should be looking to sell the continuation which will be impulsive. If price however reverses and start moving in a bullish impulse I will adjust and wait for the consolidation before buying the continuation.
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Comment: Short term price action after NFP data invalidated the short term wave count but that's okay. There was no confirmation yet that a bullish correction was about to start. Once this bearish impulse settles I will update for the next trade which will be bearish and in line with bigger picture. Have a nice weekend all!
Comment: Sorry for the typo but I like to see a break below 105.5 not 1.055 but think that was an obvious type.
Short term price action after NFP data invalidated the short term wave count but that's okay. There was no confirmation yet that a bullish correction was about to start. Once this bearish impulse settles I will update for the next trade which will be bearish and in line with bigger picture. Have a nice weekend all!
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sasacoco TimStuyts
thank you for your effort
+1 Reply
Good wave counting =)
+1 Reply
Nice Work
+1 Reply
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