4H count on USDJPY is showing us a bigger degree red wave C) as part of a big triangle pattern in the making. Aperrantly yesterday’s bounce was a fake one, and resulted as only a temporary sub-wave iv within black wave C of C). That said, ideally wave C is now trading in final stages of a bigger three wave bearish move and can search for a base near the Fibonacci ratios of 61.8/78.6 in sessions ahead. A minor five wave bounce would later signal a change in trend.
USDJPY, 4H
Below we have a bigger picture of the USDJPY, which points towards more gains.
USDJPY, Daily
