USDJPY LONG TERM FORECAST

Looking at this pair in the 240 chart it seems to be making a 3 wave structure back to the channel top. Of course we don't know how it is going to get there but keeping this structure in mind will bias our decisions on the lower timescale. Naturally this structure may not turn to be what it currently looks like but I will adjust my outlook as it progresses.

On the 1H timescale it appears to be making an ending diagonal with upside bias so watch for a breakout long.

I'll post 1H snapshots of this in the comments as it progresses.

If you want updates please "follow and like"

Good luck
Steve

Kommentera:

Kommentera:

Of course there may still be some more down side in the diagonal

Kommentera:

The breakout - wait for a pullback before trying to enter