The USDJPY 1D chart, the price has now followed the expected path and has traded back into the wedge and closed within the wedge completing the Wolfe Wave pattern. The green arrow on the chart indicates where this pattern was confirmed.
Technical traders will now look to go long, with a take profit located at the top of the wedge and a stop loss placed either below the wedge of the recent low.
Adding in a second confirmation, we have a harmonic pattern which point D is also the last low of the final wave giving further support that this is a reversal area and we would look for the price to appreciate from here.
Technical traders will now look to go long, with a take profit located at the top of the wedge and a stop loss placed either below the wedge of the recent low.
Adding in a second confirmation, we have a harmonic pattern which point D is also the last low of the final wave giving further support that this is a reversal area and we would look for the price to appreciate from here.