Quick Take: USDJPY Could Start A Strong Move Up

28 lug 2016

By my wave count, the next move could be a wave (iii) impulse wave up. The previous corrective wave 4 may have already finished and the wave (iii) may have already started with the wave (i) already completed and the wave (ii) just about to complete.

You could take this trade with relatively low-risk as the stops would go below where I have the wave (i) beginning as a wave (ii) cannot go below the start of the wave (i) or else the wave count would be wrong. The upside that is possible in this pair is well worth the risk.

Currently, prices are sitting on the upper TL of a former broken ExD. That TL may be providing support.

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29 lug 2016

Nota

Post-BoJ, this pair dropped in a continuation of the corrective move lower forming and now completing this ExD. When it completes the leg E probably around 102, this correction should end. When it does, the next move must be an impulse wave up. That impulse wave up could be a wave (3). Worth waiting for....