Welcome me to forex. This is my first call so yeah I'll make every bit worth it by providing a detailed scenarios but keep in mind
USDJPY is bearish long term, maybe bullish midterm to take up some liquidity but down is the way on the long run. All scenarios is counting ABC - Zigzag in which the 1:1 is at $164.938 to be completed.So this first scenario suggest that we are just about finishing the wave 5-orange of an Expanding Ending Diagonal of 5-yellow which is perfectly at $164.938 1:1 Fibonacci extension for the ABC-cyan. It could go 2 ways either we see price move to 1:! target ($164.938) from this moment or we could see a small retracement before then as shown on the chart.
Which ever way, the KEY POINT is that price must reach $164.938 before the downtrend begins. So you might want to be a bit patient for that to happen before you jump in.
Second Scenario will be attached below.
OTHER ANALYSIS
Note
SCENARIO 2
Note
SCENARIO 3
Note
USDJPY HAS REACHED THE FIRST LEVEL DROPPING HARD AND MOVING ACCORDING TO ANALYSIS
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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.