USDJPY retrace watch: UJ drop have one more leg?

This is an update to my previous idea looking for UJ to retrace.
This is a short term outlook, but the results could have significant long term outlook.

I think the ABC is not quite done yet, wave C has only 3 waves down, and now a wave 4 up.
So lets see where the final leg (w5) of wave C ends up. That will be very telling of risk sentiment.

Background:
This adventure started with a search for the 'top'

(i know, trading an expcted top is dangerous)

Once the retrace started, I had some fined tuned targets

From that last Idea, the price breached the upper two support zones.

So now I am thinking we have one more leg to go, and then we will know much more about the real risk sentiment

Bình luận:

still think UJ has one more leg down to go, but am starting to wonder

crossing above the red zone took some serious energy

Bình luận:

Well here we are, at that I think is the Bulls 'Last Stand'

Zoomed in on 5 min chat, we see an exact bounce off the top of zone.

Now I am waiting to see if it breaks thru the zone above and retraces, for an entry long

Bình luận:

UJ looks like 112.168 next stop (pit stop?)
s3.amazonaws.com/tra...shots/m/mUdj8cVx.png

Bình luận:

UJ 111.50 range looks likely

Monthly S1 pivot is there, and the 4.236 extension of today's move along with other fib resonances nearby.