Hi Traders,
The USDJPY reversed from a key support level that lined up with a daily ascending trendline then broke out of a resistance level.
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The impulsive breakout labeled wave (i) blue is most likely to be part of wave 3 of larger degree.
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Currently, the price seems to be building wave (ii) of 3, and it has the potential to move up towards wave (iii) target as planned on the chart.
.
We will wait for the corrective structure to reach our confluence area indicated on the chart then look for a breakout of the blue Counter Trend Line (CTL) for a long entry.
.
What's your thought about USDJPY? Let me know in the comment.
.
Wish you all a great trading week.
Veejahbee.
The USDJPY reversed from a key support level that lined up with a daily ascending trendline then broke out of a resistance level.
.
The impulsive breakout labeled wave (i) blue is most likely to be part of wave 3 of larger degree.
.
Currently, the price seems to be building wave (ii) of 3, and it has the potential to move up towards wave (iii) target as planned on the chart.
.
We will wait for the corrective structure to reach our confluence area indicated on the chart then look for a breakout of the blue Counter Trend Line (CTL) for a long entry.
.
What's your thought about USDJPY? Let me know in the comment.
.
Wish you all a great trading week.
Veejahbee.