JWagnerFXTrader
Long

Tradable Low Formed - Be Nimble

FX:USDJPY   U.S. Dollar / Japanese Yen
1115 20 7
The dip to this morning's low lines up with 2 wave relationships. I redrew the red 2-4 channel lines to 'frame' the potential stopping point for wave v.

The dip was anticipated (see "Channel Support for USDJPY             at 124.50 and 123.00") and reached:

1) 38.2% retracement of wave iii            
2) Equal wave measurement from the June 5 high to this morning's low

As a result, we have a tradeable low back towards 124.75-127. A move above 123.85 creates overlap (see purple dotted line) and seals in an equal wave pattern from the June 5 high. Equal wave patterns tend to be fully retraced.

Note the 2 higher probability options in the notes on the chart. The 2nd option leads to a very large top (see "How Much Juice is Left in USDJPY             Bulls?")
This pair is hugging the red 2-4 channel line. The behavior around this line will dictate the near term trend.

A break below the line warrants caution.

Reply
JWagnerFXTrader JWagnerFXTrader
Finally getting a meaningful move higher off the 2-4 trend line. The stop loss can be moved to 123.30 which is where the current 2-4 line is located. A break below the red 2-4 line suggests something else is at play.
Reply
DavidRoberts JWagnerFXTrader
Its on the move! Do you recommend leaving this trade on for the FOMC later today? :)
Reply
DavidRoberts JWagnerFXTrader
Still think the equal wave will fully reverse on this one Jeremy?
Reply
JWagnerFXTrader DavidRoberts
Well, my confidence is lower than when originally posted, but yes. As mentioned in Monday's US Opening Bell webinar, it appeared to be putting in a bullish 5-3 sequence on the 15 minute chart. Today's high tagged the bottom side of the old 2-4 line so this one is questionable. Looking for more clarity via 5 wave sequences, equal waves, or triangles.

Reply
DavidRoberts JWagnerFXTrader
MANY THANKS!
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How do you expand these charts, I cant read the notes? Thanks!
Reply
JWagnerFXTrader DavidRoberts
At the bottom of the chart, you should see + and - buttons...they'll allow you to zoom in and out. There also a refresh button as well. Let me know if you are still have problems.
Reply
DavidRoberts JWagnerFXTrader
Thanks Jeremy...but those buttons only expand it horizontally for me, so I still cant read it. Is it a problem my end maybe?
Reply
JWagnerFXTrader DavidRoberts
Ah, try this. Place your mouse over the price axis on the right. Left click on the price axis, hold the click and move your mouse up and down. That will rescale the pricing on the vertical axis.
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