UPDATE #1: USDJPY: The Next Move - Finishing Wave 4

My previous post on this pair (see Related Ideas: "USDJPY: The Next Move - Finishing Wave 4 "), I was looking for prices to decline into a POTENTIAL bullish crab. As of now, that has not happened yet. But instead, prices have now started reversing back up and the recent price action has created a POTENTIAL bearish cypher pattern with prices now tracing along its' CD leg. Does this mean that prices can't still reverse yet again and go down and complete that crab? Sure! It still can do that. But for now, just be aware that there is the distinct possibility that the wave (c) up to finish the wave 4 could've have started.

If that is the case, then I'll be looking for the completion of the cypher to possibly mark the end of wave 4 and probably the beginning of the wave 5 down. If prices exceed the D point of the cypher and tests the PRZ, as long as prices don't CLOSE beyond the X point of the cypher, then we could see a double top form as well. If prices do exceed the cypher X point and thereby invalidating the cypher pattern, I'll be looking for prices to reach the .618 retracement of the wave 3 before finishing wave 4 and reversing back down.

MY TRADE PLAN
Still only watching and waiting. If prices had filled the crab, then I would've gone LONG to catch the wave (c) up. But with prices seemingly already having started its' way up, I'll wait for the completion of the cypher and then look for an opportunity to get SHORT.

*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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