OrangeTrader93

USDJPY Elliot Wave Analysis - Moving Into Corrective Structure

FX:USDJPY   U.S. Dollar / Japanese Yen
Waves ii and iv are zones of price consolidation that can be revealed/confirmed by the FRPV indicator. In my previous chart, I failed to mention distributive options for wave v, that being a truncated fifth wave ending at the 1.618 fix level due to exhausted selling pressure (a failed perception of the market created by my own bias), what we see is a full-wave fave extending to the 200% level of the fib retracement. Volume indicates that bulls are losing steam.

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