USDJPY trades for next week

14 maj 2016

This pair is developing a beautiful impulsive five wave structure back to the downward trendline. The thousand pip question is, is this the beginning of a motive wave up for a complete reversal or corrective for the next huge impulse down? Well...it does not matter for now. We have a short lived short trade at the beginning of next week to complete a complex corrective structure followed by an amazing long. Just look at the previous two blue arrows and you can see how impulsive and rapid the up move can be. Something about this rapid decline followed by a rapid up trend tells me that the market has scraped the bottom. Good luck to all that will be participating in the market!