This scenario is very similar to scenario one and I must admit it makes slight sense that scenario 1 and 2 (see below for previous analysis) because it will liquidate or trigger stop losses of early bears in scenario 1 and 2 plus the previous wave 1-5-green matches all criteria for a leading diagonal which gives assurance that we will see some more upside for wave 3 and 5-orange also touching or passing the 1:1 Fibonacci Extension slightly.
Common thing about all the scenario is that they both have the potential to retrace to $148 region which is a good opportunity for scalpers or day traders if they want to tolerate their invalidation level being at the last high $160.5.
USDJPYPREVIOUS ANALYSIS
OTHER ANALYSIS
Note
I predicted this USDJPY price movement by stating all the possible move it could make few weeks ago and it is steadily reaction to the analysis. USDJPY will continue to surge for now. When it reaches exhaustion, I will make the call and will be interested in shorting it. Stay updated.
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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.