USDJPY long Idea based on Fibonnaci Extensions: Yen 9 to 4 play
Updated
UJ seemed to keep going up and up and up.
Until it hit the 9.618 extension and fell hard.
Now it is has come back to the 4.236-4.618 band.
Looking for a bounce to next 1 or 2 bands higher.
Elliott Waves indicate one more leg down perhaps.
If we are in wave 4 of 5, then next entry is the 3.618.
This sequence started with an Impulse on Jan 10th.
Since then every x.618 line was confirmed precisely.
The retrace also looks influenced by the same Ripples.
In regards to the Elliott Wave count, it could be either a 1235 or an ABC
This stage is very difficult to guage EW structure as it is 50/50 right now until new data is printed.
Until it hit the 9.618 extension and fell hard.
Now it is has come back to the 4.236-4.618 band.
Looking for a bounce to next 1 or 2 bands higher.
Elliott Waves indicate one more leg down perhaps.
If we are in wave 4 of 5, then next entry is the 3.618.
This sequence started with an Impulse on Jan 10th.
Since then every x.618 line was confirmed precisely.
The retrace also looks influenced by the same Ripples.
In regards to the Elliott Wave count, it could be either a 1235 or an ABC
Note
Another Fib I have been watching is the wave of the drop, which may have ended at the 4.236, a common wave-end point. Note
So far so good. Time to start taking some profits, prolly close all at the 8.618 if it shows an abrupt reaction .
Note
Still waiting for the 8.618 to see what happens .
Trade closed: target reached
Closed 80% of my longs at the 8.618, and have trailing stop on rest .
Related publications
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.