The only way that BoJ can make me trade this event is if it goes lower first. I see the high risk in a disappointing BoJ because the market is very biased. There are many reasons for that which I understand but that doesn't impact my trading. In the chart I mentioned the possibilities trading this event according to my book. I'll update tomorrow and then we can come up with a high probability set-up with a minimum risk/reward of 3/1.
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'The only way that BoJ can make me trade this event is if it goes lower first.'
I agree with the fact that the 4 hour shows a possible consolidation for all three Yen pairs within channels. However the characteristics for EURJPY and USDJPY aren't looking good for a high probability impulsive wave count from the lows of 06-24 (first move has not the characteristics of a wave 1 as I wrote in the chart). The last impulse USDJPY for example from 99.95 could very well be a wave C. So looking at the 1hour time frame USDJPY shows us a possible leading diagonal lower. The chart hopefully shows why I was looking for that move lower, if I see a buy I'm either buying a wave 2 or the continuation in case we are in fact consolidation on the 4hr time frame.