Trader, analyst and instructor with a 6-year experience

USD/JPY: wave analysis

By Roman Petuchov

Daily. Corrective wave IV continues. It is taking a form of a horizontal triangle.

Chart. Daily USD/JPY

H12. The market started a decline in a new corrective wave [e].

Chart. H12 USD/JPY

H4. Impulse (С) of [e] is currenctly being formed. Next week the market may extend the downside, but the new rising trend could start anytime soon. We would recommend you staying out of the market for a while. End of the wave IVwill be a risky time to enter the trade. 

Chart. H4 USD/JPY

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