let's take a look at the bigger picture.
The pair seems to complete three of five major waves. It seems wave four is steel in progress. the previous downward move seems just wave A of this correction because it doesn't touch any of fibo level. now there are two scenarios. The first and in my opinion, the most probable one is that wave B is still in progress and USD may strengthen against JPY to 0.786 fibo level of wave A. Then C wave will correct to 100% expansion of wave A. Another scenario is the completion of wave B and that currently wave C is in progress. I think the first scenario is more probable. if the price breaks down below the low of wave A, the first scenario will nullify and we should look for the second scenario. What is your Idea?
The pair seems to complete three of five major waves. It seems wave four is steel in progress. the previous downward move seems just wave A of this correction because it doesn't touch any of fibo level. now there are two scenarios. The first and in my opinion, the most probable one is that wave B is still in progress and USD may strengthen against JPY to 0.786 fibo level of wave A. Then C wave will correct to 100% expansion of wave A. Another scenario is the completion of wave B and that currently wave C is in progress. I think the first scenario is more probable. if the price breaks down below the low of wave A, the first scenario will nullify and we should look for the second scenario. What is your Idea?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.