UJ Impulse Wave 5 Incoming

5 Mei

USDJPY seems to have finished Wave 4 being a Correction Wave of the Elliot Wave Theory and looks to be prepping for the start of Wave 5 being an Impulse Wave!

Now Price has not only made a 38.2% Retracement to 143.6 of the 145.941 Swing High that ended Wave 3 but is testing Break of Previous Structure being Past Resistance attempting to turn it into Support if enough Buyers enter the market in this opportune area.

Price Action during the Correction of Wave 4 has formed a Falling Wedge Pattern, typically seen as a Continuation Pattern. For this to be fact, we will need to see a Bullish Breakout to the Falling Resistance followed by a successful Retest of the Break where the Long Opportunities should present themselves.

Once Wave 5 is confirmed, we can expect Price to work from here and potential reach the Potential Range Target of ( 148.662 - 150.245 )

5 Mei

Nota

USDJPY is tightly consolidating underneath the Falling Resistance for its 3rd Touch with Volume at the same time fading suggesting we will be seeing a Breakout soon!

6 Mei

Nota

USDJPY has given us a Breakout of the Falling Resistance and so far has checked 2 of the 3 requirements of being deemed a Valid Breakout!

I am looking for one more Hour Close outside of the Break!