EverythingForex

UPDATE #1: USDJPY: Contracting Triangle Done? What's Next?

FX:USDJPY   U.S. Dollar/Japanese Yen
307 0 11
In my previous post on this pair (see Related Ideas: "USDJPY: Contracting Triangle Done? What's Next? Wave 5 Down?") and on the chart, I had noted that I would SELL upon a break of the triangle pattern and on the break of the B point line. Prices have broken through both points. But I will be waiting to SELL on a retrace and retest of the triangle's lower TL. Prices may very well keep dropping in a wave 1 but if I am correct and this is a wave 1 of wave (5) decline, then there is soon to be a wave 2 retrace which I would anticipate will retest the triangle pattern .
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