Most Probably USDJPY is about to finish an ending diagonal wave c of a wave 2 or B of a higher degree and will soon enter a bullish Wave C or 3 (Declining volume supports ending diagonal structure and will give confidence once price breaks above with a high volume daily close)
We will take long positions once the price breaks above the ending diagonal trend line with higher volume, Stop loss will be placed on the last swing low once trade is entered Targets for wave C or 3 are fibs 1.0 , 1.27 and 1.61
💡 Volume is the key factor at breakout above
Let see how this plays, Good Luck !
Disclaimer: This is for informational purpose only, anyone taking trades using this idea will be liable of their own loss
Trade active
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Sorry that i wasn't able to post this trade timely, we have entered position at bottom of ending diagonal keeping stop loss below 105.90 will enter more trades at correction
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Added an alteration to the wave structure where the market might extend the correction wave B or 2 however upward trade is still active but we will redo the target once price breaks above the diagonal trendline
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upward impulse wave count currently
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Wave 4 correction for yellow impulse wave
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Yellow impulse wave invalidated, however main trade is still active, stop loss below 105.90
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soon reaching upper trend line
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market moved as predicted, however the break is not that convincing when we look at the volume, we have closed half are positions and will close all if the market doesn't bounce back from the upper white triangle trend line as the market need to retrace back to support and bounce upward stop loss is below the upper triangle trend line