I've been following Elliott wave on USDJPY for the past week now and have had consistent, profitable trades. It appears that Weve just finished 5 waves to the downside and now were moving into an ABC correction to the upside. Wave 5 may have more bearish room to go but we should see a correction to the upside soon.
Above is what I am currently watching on this pair. The outcome will largely depend on what the NFP report is relative to expectations. I would not trade until after the report at 7:30 a.m. CST. Have a good night:)
Overview - Sentiment immediately changed (...again... I know) from extreme bearish to excessive bullish from traders as we reverted back to the top of the channel. This is especially true in the USDJPY pair. The index and the USDJPY is still clearly in a downtrend. Unless you are eager to get ran over by the heavy weight greenback, I urge for confirmation before...
Since Trump speech this week the USDJPY has been on down trend. I believe the USDJPY will continue to fall and test key level of 113.40 support level. Break below that price could head towards the 110.00 level in the coming months.
Looking for Support @ 21 Day EMA
Well this is getting a little crazy. We have had 3 cypher patterns on the USDJPY in the past week which is above normal on the hourly chart. The last one was profitable but only to target 1. Lets see if this one will fill and do better.
I'm personally expecting more upside to uj as exhaustion is not prevalent on higher timeframes, however, it is a possibility that a correction will begin in the coming days/weeks. A better entry for a short in my opinion is 121.4 area, however, if bearish market structure emerges i will look for short entries.
I usually don't publish short term ideas. Ok this one is quick and dirty. Entry now (117.53) Stop below wave (E) 117.08 Target = 119.36 Risk/Reward 4
... Provides reasonable basis to tighten stops or trailing stop losses given probabilities have likely shifted.
Profit taking happen on Dollars and cause a downward momentum going to happen on USDJPY. As previously a lot of resistance breakout happen, now is time to retest on all those resistance, key level to watch is 113 then 112 then 111. If 111 manage to break then will retest 100 before going back to 108.5
Hello Traders, USDJPY is offering bullish targets with the following expectations: Dark Red = Very High Probability Target Medium Red = High Probability Target Light Red = Low Probability Target The lighter the color, the higher the chance of a reversal. Best, Chartistry
USD likely to have further losses ahead. This looks to be the start of a down trend, after high velocity break of the uptrend.
MAJOR SUPPORT TREND LINE AT 99.181. PLACE A BUY LIMIT AT 99.181. STOP LOSS AT 96.589
AS SEEN ON PREVIOUS MARKET ACTIVITY, PRICE HAS CONSOLIDATED A IN BEARISH FORMATION. MY IDEA IS THAT PRICE CONTINUE TO CONSOLIDATE IN THIS STRUCTURE AND WILL FALL FROM THE 102.800 PRICE LEVEL OR ON HITTING THE 103.800 LEVEL. EITHER WAY, THERE ARE A GOOD 150 PIPS PROFIT WAITING TO BE TAKE ON THE USDJPY.