I don't regularly use Elliot wave theory in my ideas so I'm not 100% on this one, any advice is very welcome.
Things to note are that USDJPY is in a consolidation pattern on the daily. It tried to breakout a few days ago but failed. Going up for another test but is running into a lot of resistance.
Put in a long wick right along previous structure support, which lines up fairly closely with 382 fib confluence
I tried to add the elliot wave theory as an after thought but I'm not quite sure if this is valid. Leg 3 is nice and leg, leg 4 doesn't close above leg 1 lows. ABC pattern seems to be completing right around the beginning of leg 4 which is about right.
I'm expecting a move downwards about the length of leg 1, though it could reach all the way to the bottom of the consolidation pattern
Things to note are that USDJPY is in a consolidation pattern on the daily. It tried to breakout a few days ago but failed. Going up for another test but is running into a lot of resistance.
Put in a long wick right along previous structure support, which lines up fairly closely with 382 fib confluence
I tried to add the elliot wave theory as an after thought but I'm not quite sure if this is valid. Leg 3 is nice and leg, leg 4 doesn't close above leg 1 lows. ABC pattern seems to be completing right around the beginning of leg 4 which is about right.
I'm expecting a move downwards about the length of leg 1, though it could reach all the way to the bottom of the consolidation pattern