USDJPY Wave Analysis Update: Potential for Upside Continuation
Updated
Hello Traders,
The initial perspective I held regarding this pair has been disproven by subsequent market developments. Hence the need for this update. As it stands, given that we don't have a combination, it appears the ABC correction in wave 4 might have been fully formed and we have now seen the smaller degree wave 1 of larger degree wave 5. If this scenario holds true, we might see a corrective downward move to 145.433 - 145.235 to complete smaller degree wave 2 before the continuation to the upside. I will looking to buy at the 145.433 & 145.235 price region while targeting 147.956 in the medium term.
Cheers and happy Trading!
The initial perspective I held regarding this pair has been disproven by subsequent market developments. Hence the need for this update. As it stands, given that we don't have a combination, it appears the ABC correction in wave 4 might have been fully formed and we have now seen the smaller degree wave 1 of larger degree wave 5. If this scenario holds true, we might see a corrective downward move to 145.433 - 145.235 to complete smaller degree wave 2 before the continuation to the upside. I will looking to buy at the 145.433 & 145.235 price region while targeting 147.956 in the medium term.
Cheers and happy Trading!
Note
Our entries were triggered on the 1st of September, and we are currently way above 230Pips in profit. Cheers!
Trade closed: target reached
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