After a big three-wave A-B-C corrective decline in March, USDJPY made a nice five-wave recovery that can be a signal of a completed correction within ongoin uptrend, especially after that possible inverted H&S pattern and intraday W-X-Y corrective pullback. So, if continues higher back above 111.60 region, then we can confirm a bullish continuation within wave 3 back above 112.15 area and higher!
However, in case if goes more complex, we remain bullish as long as it's above 109.70 invalidation level!
Trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
@ew-forecast Buddy cool idea. Thank you very much, I've been following you for a long time, it's cool to do analytics
vponda
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Hi, now is near 109.70 , are you still bullish? or you have another view?
ew-forecast
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@vponda, we saw price reaching a new high and then reversal. current extended drop looks like an impulse; probably wave C of a big flat formation that is underway from March highs.