UPDATE: USDJPY: Analysis - Why Is It Going Down? Crab Filled

8 lug 2015

This bull crab pattern I mentioned in my earlier post has now been filled. Looking at the PA, it fits the profile of strong price action heading into crab pattern D points. I would expect that prices may continue down into the PRZ of this pattern. I would not be surprised if prices were to reach 3.618 and maybe even to the completion of the Wolfe Wave target line.

I have placed TP1 and TP2 on the chart for your consideration but TP1 (based on entry on D point) does not meet good R;R (over 2:1). Take TP2 at your own risk tolerance. I will wait to adjust my entry point and S/L based on further price action to get a better R:R.