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.
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