Traders, today we're dissecting the USDJPY pair with an Elliott Wave perspective. On the 30-minute chart, it appears we've reached the crest of wave (5), indicating the completion of an impulse wave sequence. As the waves unfold, I'm spotting the initial stages of a corrective pattern.
The chart suggests the start of a corrective (a) wave that could potentially retrace to the Fibonacci levels of 0.382 at 154.382, 0.5 at 154.231, and 0.618 at 154.079. These points serve as areas of interest for possible support or reversal zones within the corrective phase.
Should the price action adhere to the Elliott Wave structure, we might witness a bounce-back for wave (b) after touching any of these retracement levels. This will be a critical juncture to observe for continuation or further correction.
Given the nature of the forex market, particularly the volatility of the JPY, it’s important to consider upcoming economic events that might affect the currency pair. I'm preparing to adjust my trading strategy based on the completion of this correction, with careful risk management and vigilant monitoring of price action. Let's keep our eyes on the prize and trade smart!
The chart suggests the start of a corrective (a) wave that could potentially retrace to the Fibonacci levels of 0.382 at 154.382, 0.5 at 154.231, and 0.618 at 154.079. These points serve as areas of interest for possible support or reversal zones within the corrective phase.
Should the price action adhere to the Elliott Wave structure, we might witness a bounce-back for wave (b) after touching any of these retracement levels. This will be a critical juncture to observe for continuation or further correction.
Given the nature of the forex market, particularly the volatility of the JPY, it’s important to consider upcoming economic events that might affect the currency pair. I'm preparing to adjust my trading strategy based on the completion of this correction, with careful risk management and vigilant monitoring of price action. Let's keep our eyes on the prize and trade smart!
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