It appears the USDJPY is tracing out a triangle.
How to trade it? that's what everyone that is reading this wants to know don't they??
That's the easy part, you simply place a stops at 92.20, as 1 pip below 92.21 the triangle is wrong
Although there is another idea that suggests a push towards 91.70, so traders could hedge its what we call "Elliott hedging"
But the objective is for traders to get long now and start looking higher, the trend is strong and suggests a triangle, which is a 4th wave of "some degree" so its likely going to test the 95.00-97.00 (subject the the triangle thrust) over the coming weeks, although the thrust to the upside will be a 5th wave to end a 5 wave sequence, so will pullback back to the 92.00 area again, but i am expecting a 95.00 test
Knowing your risk and objective is very important before you place a trade, if you don't have a plan, then you are better off going to Vegas
I would like to see a bit lower to around 92.50 before it setups a move higher, but a strong thrust higher is expected
So the lower this pushes to 92.21 then less risk you are exposed to
Elliott Wave Analysis of USDJPY
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