#USDJPY 4 HR Elliott Wave Update
Update - 04/20/17 4:12 PM CST
The 4th wave triangle is out but I still believe we are in a 4th wave and expecting lower prices.
Trade Thoughts - Looking for longs around the 107.00 area.
Targets - Long term target will be above 118.70
The USDJPY should be nearing the end of a zig-zag after coming out of a possible 4th wave triangle.
The RSI has has been creating a converging triangle over the last few months complete with divergence. If price falls out of the triangle and RSI divergence again above 30 it may be a good buying opportunity.
USDJPY 4 HR Elliott Wave Count
|USDJPY 4 HR Elliott Wave Count|