Hello, traders!
Taking a look at the USDJPY, Elliott Wave analysis reveals that we are currently in the midst of a corrective phase after completing an impulse wave. The completion of Wave (b) sets the stage for the commencement of Wave (c), which is anticipated to push the price higher.
From the chart, we can observe that Wave (a) was a bullish retracement, followed by Wave (b), a slight pullback. Wave (c) is expected to extend towards potential targets at Fibonacci levels, including 156.777 (0.369 Fibonacci level), 157.796 (0.618 Fibonacci level), and potentially as high as 159.361 (1.0 Fibonacci level).
Given these projections, entering a long position near the current levels could prove profitable. A stop-loss could be strategically placed below the recent low of Wave (b) to minimize risk. Targeting the Fibonacci levels outlined provides clear goals for booking profits.
Stay vigilant, follow the price action closely, and adjust your strategies accordingly. Let’s capitalize on the anticipated bullish momentum in USDJPY!
Taking a look at the USDJPY, Elliott Wave analysis reveals that we are currently in the midst of a corrective phase after completing an impulse wave. The completion of Wave (b) sets the stage for the commencement of Wave (c), which is anticipated to push the price higher.
From the chart, we can observe that Wave (a) was a bullish retracement, followed by Wave (b), a slight pullback. Wave (c) is expected to extend towards potential targets at Fibonacci levels, including 156.777 (0.369 Fibonacci level), 157.796 (0.618 Fibonacci level), and potentially as high as 159.361 (1.0 Fibonacci level).
Given these projections, entering a long position near the current levels could prove profitable. A stop-loss could be strategically placed below the recent low of Wave (b) to minimize risk. Targeting the Fibonacci levels outlined provides clear goals for booking profits.
Stay vigilant, follow the price action closely, and adjust your strategies accordingly. Let’s capitalize on the anticipated bullish momentum in USDJPY!
Trade closed: stop reached
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