The USDJPY rally has a bit more gas in the tank than we first thought. But the 5 wave impulse that we were tracking is developing nicely, and still appears to be running out of steam.
Here is our updated analysis on the lower time frames: we have a 5 wave impulse that is nearing completion (at multiple wave degrees). And even better: what pattern appears to be developing? Another triangle! If you saw our previous post on this pair, you know that we love to see triangles on the chart, as they are indicative of a trend change.
So in this case, we are expecting a small wave up to new highs, after which a swift reversal should occur. Price must remain above 138.56 for the triangle interpretation to remain valid.
If this wave count plays out, we will have significant opportunities to go short this pair. Let us know what you think!
At Parallax, we focus on wave analysis and 1-on-1 education to build a foundation of skills that give our clients the edge.
We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates
Here is our updated analysis on the lower time frames: we have a 5 wave impulse that is nearing completion (at multiple wave degrees). And even better: what pattern appears to be developing? Another triangle! If you saw our previous post on this pair, you know that we love to see triangles on the chart, as they are indicative of a trend change.
So in this case, we are expecting a small wave up to new highs, after which a swift reversal should occur. Price must remain above 138.56 for the triangle interpretation to remain valid.
If this wave count plays out, we will have significant opportunities to go short this pair. Let us know what you think!
At Parallax, we focus on wave analysis and 1-on-1 education to build a foundation of skills that give our clients the edge.
We trade Crypto, Forex (FX), and equities. We keep our analysis simple, clear, and easy to execute. Comment below if you would like to see more trade ideas, Elliott wave analysis, and market updates
