In my opinion, USDJPY finished 4th, and is heading into wave 5. We'st just seen potential breakout of a trendline, looks like consolidation there (potential ABCDE on 1HR chart).
I will be looking for buy in the green box area (0.5-0.618 retr of AB + potential inverted H&S completion).
TP1 - harmonic Target (1.272 of AB + 0.618retr of wave 4)
TP2 - harmonic Target + potential AB=CD (1.618+potential Gartley)
TP3 - inverted H&S target
I am looking forward breaking the top of 118.6 midterm.
Alternative: If we don't hit green box, I am looking for buy stop breaking the 115.5.
Trade resposibly.
I will be looking for buy in the green box area (0.5-0.618 retr of AB + potential inverted H&S completion).
TP1 - harmonic Target (1.272 of AB + 0.618retr of wave 4)
TP2 - harmonic Target + potential AB=CD (1.618+potential Gartley)
TP3 - inverted H&S target
I am looking forward breaking the top of 118.6 midterm.
Alternative: If we don't hit green box, I am looking for buy stop breaking the 115.5.
Trade resposibly.
Note
Possible one more down. It has broken the structure, just retested the broken SR zone around 113.7. I expect one more down, before going upward. Look for divergence on RSI, potential entry zone 1.272-1.618. Also 0.886 retr there.
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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.