USDJPY is in a downtrend from back in August, 2015. But in the past months, the downtrend has stalled and has been in consolidation mode. This past month was just part of that consolidation but the question is: is the consolidation coming to an end and is the downtrend about to resume? This month's FULL Monthly Analysis will attempt to answer that question and see what is the next move. And more importantly, how we can profit.
Here is last month's Monthly chart:
Here's the updated Monthly Chart. What you can see is that from the beginning of last month, we saw prices rise right up into this past week where we saw prices again drop. This price action is forming a possible flag-type consolidation. WEEKLY CHARTS
Here is the Weekly chart from last month's post:
In this updated Weekly chart of USDJPY , you can more clearly see the potential for a to form. By my wave count, this POTENTIAL (or triangle) would form as part of a wave (4) of (c) of the larger wave (B). You can also see that in my estimation, this wave (4) is more than likely NOT over and that we should see maybe a couple of more weeks of consolidation to go. That would make sense as I believe that prices will consolidate into the FOMC due June 18th. This being only the first week of June, that would mean 2 more weekly bars worth of consolidation. Keep this in mind as you read on....
Here's the from last month. Note the expanding diagonal I predicted:
Here's the updated . You can see from this post how prices moved right up according to the prediction to create the upper TL of that expanding diagonal. Actually, prices moved a little higher than the TL I predicted in last month's chart but that is not unusual as the upper TL was not yet set at that time. Now it is set. However, what I am now predicting is that we are going to see some kind of form. More than likely, a triangle. So depending on where prices stop and reverse here, we will get the point D of a POTENTIAL triangle and set the bottom TL.
Get the FULL VERSION here on my website along with FULL Monthly Analysis releases on the following pairs:
and still more are being released this week.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Website: http://www.efxselect.com to subscribe
Join my Skype chat room! It's FREE (requires registration): Skype ID: andrewefx
Sign up to mailing list: http://bit.ly/2iNieEY
Facebook Group: https://www.facebook.com/efxselect