USDJPY - Double Zigzag is almost finished
Currency Pair: USDJPY
Frequency: Daily
Predicted Direction
USDJPY has been correcting lower in a double zigzag pattern after the intermediate impulse Wave (I). The price has retraced back to the 61.8% Fib support level for the second time on September 8 and found support on the level of 108.13 -107.5. After then, the price surged up to the month higher and test for the resistance zone of 111.594/800.
If the price fails to break above the resistance, then it appears to recognise as minor corrective ((B)) and the price will go down to test for the resistance zone again. However, a break above the upper red trendline will provide a confirmation that a corrective wave (II) is finished and will start a new uptrend.
Frequency: Daily
Predicted Direction
USDJPY has been correcting lower in a double zigzag pattern after the intermediate impulse Wave (I). The price has retraced back to the 61.8% Fib support level for the second time on September 8 and found support on the level of 108.13 -107.5. After then, the price surged up to the month higher and test for the resistance zone of 111.594/800.
If the price fails to break above the resistance, then it appears to recognise as minor corrective ((B)) and the price will go down to test for the resistance zone again. However, a break above the upper red trendline will provide a confirmation that a corrective wave (II) is finished and will start a new uptrend.
Comment:
Comment:
USDJPY broke through my resistance level of 111.83 - 111.88 and tested above my critical level (Red Trendline). On the last 2 weeks, Investors are quite hesitated about the direction of the future movement of USDJPY when the resistance zone is broken. As you can see the price has been struggling on the cross between my Red descending trendline and the Green ascending trendline between the level of 112.3 -113.2. A huge drop on last Friday confirmed the market is more bearish so I believe if USDJPY fails to find support on my support zone of 111.83 - 111.88 then the price will go down to my target of the zigzag pattern of around 107.494 - 108.130 to complete its minor corrective ((c))