EverythingForex
Long

Quick Update: USDJPY - Pre-FOMC, We May See More Retracing

FX:USDJPY   U.S. Dollar/Japanese Yen
1295 5 35
I posted this on 9/14, eight days ago waaaayyy before today's FOMC:
Quick Take: USDJPY - Pre-FOMC, We May See More Retracing

Look at today's chart after the FOMC and tell me what you see? Did I KNOW this would happen 8 days ago? No. But the chart sure did! I just read and interpreted what the chart was already saying would happen. I don't have a crystal ball.

So now it has dropped and completed that Gartley pattern and is now approaching the previous lows set back on 8/16. I've marked that low as the end of the large wave 2. So if my wave count is correct, then prices SHOULD NOT go lower than that here before reversing up. If I am wrong, well, the risk is relatively low.

It should still drop a little bit more though so if it does, then you can reduce your risk even further.

I've got FULL charts on this pair available on my site that would make things even more clear.
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Reply
NashC EverythingForex
2 months ago
Agreed!
USDJPY Gartley
Reply
CuongTran87
2 months ago
Thanks for sharing the idea.
I already entered the long when seeing a hammer at 4h chart although there is a warning on day chart that long bearish candlestick toward to the completing point of the pattern.
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gfknn5
2 months ago
Perfect for UJ!
Reply
lu1977hk
18 days ago
Hi, any update on the pair? now that we reached 109 area, any retracement?
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