The Rally in USDJPY That None Can See Coming!

By: Enda Glynn | Wed, Apr 19, 2017
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USDJPY

30 min

USD/JPY 30-Minute Chart
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4 Hours

USD/JPY 4-Hour Chart
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Daily

USD/JPY Daily Chart
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My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: N/A. USD: Philly Fed Manufacturing Index, Unemployment Claims, Treasury Sec Mnuchin Speaks.

USDJPY rallied today as suggested by the short term wave count.
It is too early to tell if this confirms the bottom of wave '4' orange just yet.

The price structure must break out of the parallel trend channel to the upside and clear resistance at 109.40 as the first hurdle.
A break of 110.10 will cement the larger bullish view point an setup a rally in wave '5' orange.
The minimum target for wave '5' orange lies at or above 1.2578,
the previous wave [A] red on the daily chart.

This correction has gone on for long enough now and the market is primed for a huge rally, one worth the wait!
The upper target for the coming rally lies ion the region of 140.00,
where wave [C] red will reach equality with wave [A] red.
That shows you the scale of the move I am expecting for the Dollar over the next year or so.

For the next few days, I will be watching the action around 109.40 to see if we get a break higher.
A break below 108.13 will postpone the larger rally for another week or so as this correction winds down.

 


 

Enda Glynn

Author: Enda Glynn

Enda Glynn
bullwaves.com

Enda Glynn

I class myself as an Elliott wave trader now, but that's not how I started out though! It took me a long time and a whole lot of pain, to finally understand what drives the price and how to use Elliott Wave correctly!

I have been trading for years and I have tested every trading system and strategy under the sun! I used to pick entry points at random based on emotion or news events or something I heard on TV! It did not take long to destroy my capital! I have blown out my account balance before, and I had to start again,

from scratch!

Believe me, I am well acquainted with failure in trading! Im sure that the above scenario is pretty familiar to you too. We have all been there. About 10 years ago I discovered The Elliott wave Principle and its method of market analysis. Since then, I have spent years learning, testing and trading, using the wave principle as the backbone of my analysis. I even went to college to study macroeconomics and econometrics. I graduated with honours degree back in 2012. The financial market knowledge and statistical edge I gained after my degree added another level to my trading. The difference in my trading approach using the wave principle, compared to before, is like night and day.

The price started to move "my way" more and more often. The wave model, offers me a lens to view market action through, which no other form of analysis can do. Elliott wave analysis, helps me answer four key questions when I am contemplating a trade:

• What direction the price is trending.
• How far is this trend likely to go.
• Where can I enter a trade with the best risk reward ratio.
• And most importantly, at what point am I definitely wrong?!

The wave principle helps me improve my trade entry, tighten up my money management and in turn increase profitability. Seeing the waves unfold before your eyes is a very rewarding experience, It is almost like peering into the future! That is how the wave principle helps my trading, and that is why the wave principle will improve your trading. It took a long time to finally master Elliott Wave Principle. After over a decade of hard work, research and learning I can call myself an expert in the field. I regularly contribute to major trading communities at FXStreet, Forex Factory, Traders Planet. I am a chief Elliott Wave analyst at HumbleTraders.

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