Wednesday, April 19, 2017

#USDJPY 4 HR Elliott Wave Update

#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.

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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
USDJPY 4 HR Elliott Wave Count