USDJPY ready for proper (but small) correction? UJ retrace paths

5 באוק׳ 2018

Some thoughts on possible UJ correction in the form of an ABC.

This is NOT a trade I am looking for, especially before NFP.
Just a post to see how it plays out, and how NFP effects the movement.

Background:
I started this UJ journey after noticing a ''MegaPhone'' or ''Expanding Triangle'' pattern, and thought volatility was coming

Once it broke out of the patter above, I plotted this possible path upwards

As that was playing out, I was adding longs on dips, looking for next targets. Such as with this plan:

Overall, I am still BULL, but hoping for a good correction to get more bulls on board

Which brings us to the current plan, which is looking for an ABC correction (down) to take us to the wave 4 (on the way up) vicinity tradingview.com/x/Sk5dgmyl/.

8 באוק׳ 2018

הערה

wow, quite a retrace.
Paused at the first support, but then below through it.
Pierced second support and bounced. but I think it might go a little lower yet. Will post an update Idea.