EverythingForex

USDJPY: Look Up! It's A Bird? A Plane? No! It's...a Bat? Crab?

FX:USDJPY   U.S. Dollar/Japanese Yen
1321 0 21
If you are a member of my site, then you will have seen my MAJOR analysis on this pair and hopefully you are now already planning your trade plan for the coming weeks on this pair. That is why I released a overall analysis is so a trade plan can be formulated and you can be prepared.

So what we have here is a small snapshot of what this pair is to do...for now. Given that this pair is in a correction at the moment, we are looking for corrective type wave action. That means an ABC 3-wave             pattern that retraces the previous impulse wave down. What you see here on this 1HR chart is that following that decline down, there was a 5-wave             wave up in what can be labeled a wave (A). Following the wave (A), there was a move back down in what many would've assumed was may be a trend continuation but it failed to break the lows established by the end of the previous impulse down. Those lows held. So instead of looking at that move back down as a trend continuation, I see it a the wave (B) of the overall corrective pattern. If my counts are correct, then now we are looking at a possible 5-wave             wave (C) up to complete the correction. That being so, then we should have a wave 1 of (C) done and now possibly the wave 2 of (C) done. That being the case, then we are now looking at the start of the wave 3 of (C) and you know what that means, right?

Two POTENTIAL patterns are in play here. One is a Bat and the other a Crab . Neither one is completed so they are only POTENTIAL patterns and this wave 3 up would be tracing the CD legs of both patterns up.

I've released a MAJOR ANALYSIS on this pair that is available on my website if you care to go look. The complete analysis is only available to paid members however, an abbreviated version is being made available to all. Just need to register to be a free member. Other MAJOR ANALYSIS released are on USDCAD             , EURUSD             , AUDUSD             and GBPJPY             . with more on the way. If you trade any of those and would like to see them, consider subscribing. Go to: http://www.efxselect.com.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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