Back in November 2017 I posted the idea titled "USDJPY. Possible wave count. SeeSaw" (see related). The price was shaping the junction of wave B of ABC correction, which still emerges in this pair. Last update was done this February where I showed the possible area of wave B completion around 104.25. The price reached 104.60 area and reversed.
I post this update as price broke out of the downtrend wave B around 112 level and now we can see how wave C emerges. It could be fast as it should be for wave C. Now you can check the power of the trends as I added white uptrend to show you where wave C could hit being equal to wave A. It was marked as target 2 at the 125 level - amazing gain it could bring us. This level corresponds with a multi-year top. Before that there is a target 1 at the 118.60 level as here is a former top of wave A, which could be a strong barrier for the up move. Invalidation is below 108.10
Zlecenie zamknięto ręcznie
⋅
I checked the 1-year old post with a long term structure (see related ideas "USDJPY. Long Term Chart. Possible Giant Ending Diagonal" and I think the price is stitching the same pattern now as before