USDJPY has completed a triangle pattern in a potential reversal zone at the end of a corrective wave count. If you missed the first small rally, now is a great time to look for entries. This is an odd hour to take trades, so we may see some interesting price action here. Keep an eye out for bullish impulses to get long behind.
Trade closed: stop reached
Point E has surpassed C, meaning we need to recount the triangle. Let's see what happens after the dust settles!Note
Here is another possible bullish scenario. An ending diagonal would be ideal, setting up a HUGE risk to reward scenario. However, as always, let the market come to you and try not to inject any personal bias. Drop below the invalidation level will call for a recount. Stay tuned!Note
Support found exactly at the base of the newly formed descending triangle/ending diagonal:
Trade closed: stop reached
Deeper retrace than invalidation level. May still be a rally, but I will be recounting before entry. Good Luck!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.