USDJPY is moving in a corrective structure (triangle) clearly in the 4rth wave of an elliott cycle. In the chart we can see a pending bearish bat pattern with D point at the upper trendline of the triangle. In addition we have a wxyxz completion in this corrective structure.
For profit targets we can aim for the lower trendline of the triangle which gives us an excellent risk/reward ratio but we may see price breaking that support level and moving more to the down.
Like & comment,
John.
For profit targets we can aim for the lower trendline of the triangle which gives us an excellent risk/reward ratio but we may see price breaking that support level and moving more to the down.
Like & comment,
John.