Kappy
Long

Dollar/Yen final 5th wave up

FX:USDJPY   U.S. Dollar / Japanese Yen
With a breakout of the triangle wave (5) of ((5)) looks to be underway.

target is based on the size of the triangle and .618*wave (1) of ((5))

4h chart: trading analysis
  • price broke and closed above the descending trendline of the triangle after testing this area the first few days of March
  • price pulled back to this trendline at 120.00 level - this was the ideal buy entry point
  • price broke and closed above horizontal resistance at 120.75 and has found support here
  • the 55 EMA will soon cross the descending trendline and should provide support (keeping stop losses below this)
snapshot

Big Picture: Elliott Wave count - weekly chart
A nice five wave rise in its final leg.
snapshot
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