USDJPY In Bearish 3rd Wave To Downside

Complex Pattern - Looking to remain within the flash blue trend channel. Wave action should develop swiftly to the downside if our case here is valid. A break of 114.70 invalidates our setup.

Zlecenie aktywne:

Our base case remains a stronger yen for the weeks ahead. Wave action has been choppy since the end of November. We conclude therefore that the USDJPY trades in a second degree minuette wave as we publish this. It probably needs to retrace a little further to the upside before it is finished. Nevertheless we expect the flash blue trend channel to hold. An overthrow to the upside should not last more than 2-3 trading days.

The bigger picture is that wave B further unfolds to the downside. We are in the last leg (wave c°) of wave B. We expect minute wave c° to trace out an impulsive or a complex pattern to the downside.

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+4% profitable swing trade. Followthrough to downside likely but trade is now more risky. Thank you for the music!