USDJPY continues unfolding triangle (part 2)
Updated
USDJPY (long-term)
$ vs ¥
The market has been moving sideways since a bullish impulse in wave ((A)) finished.
It seems like a wave ((B)) is taking the form of a triangle.
So wave C of (D) is finished. If correct, the market should continue to decrease towards the pattern’s lower side to a wave (E), in the coming months.
$ vs ¥
The market has been moving sideways since a bullish impulse in wave ((A)) finished.
It seems like a wave ((B)) is taking the form of a triangle.
So wave C of (D) is finished. If correct, the market should continue to decrease towards the pattern’s lower side to a wave (E), in the coming months.
Comment
Diagonal might be in place
It seems like the fifth wave of wave C might have been in place in the form of an ending diagonal. If correct, wave (D) is likely over, so the last decline is supposed to be wave ((i)). Considering the possible ending of wave ((ii)), the market should break the low of wave ((i)) shortly.
Comment
Possible leading diagonal
Wave (D) of the triangle is likely over because of an ending diagonal in wave ((v)) of C.
However, Friday’s advance puts the bearish outlook at risk. It seems like wave ((ii)) is taking the form of a flat pattern, so we could have the price a little bit higher on today (Monday) during wave (c) unfolding.
Trade active
It seems like a wave ((ii)) has finished in the form of a flat pattern, so the last decline highlights an opportunity to have a bearish third wave. The main critical level is the high of wave ((ii)).
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