USDJPY : A closer look
A closer observation on the confluences between wave relationship from different points insinuate a high probable topping at 161.95 (see previous posting on the longer- term wave relationship).
There is a possibility of a 5 wave completion to the downside and a current corrective upside in play.
Interestingly, price breached the supporting trendline to see it moving back up to retest the trendline .
Further upside could still be in play with areas at 150.43 - 150.61 ( 50% retracement & 1.27 of wave a from red b) or higher 153.12 -153.17 (61.8% retracement & 1.618 of wave a from red b) and probably retesting the underside of the trendline.
The following move down will be interesting with risk at 161.95 against what is about to unfold in the third wave if the count is not invalidated.
There is a possibility of a 5 wave completion to the downside and a current corrective upside in play.
Interestingly, price breached the supporting trendline to see it moving back up to retest the trendline .
Further upside could still be in play with areas at 150.43 - 150.61 ( 50% retracement & 1.27 of wave a from red b) or higher 153.12 -153.17 (61.8% retracement & 1.618 of wave a from red b) and probably retesting the underside of the trendline.
The following move down will be interesting with risk at 161.95 against what is about to unfold in the third wave if the count is not invalidated.
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