USDJPY: Three Waves of Retracement Completed
USDJPY has turned bearish since it broke below a 4-month rising trendline.
The price has fallen for extensively for close to another 2 weeks before it begins its retracement since last week.
The price has retraced significantly and completed 3 equal waves, a sort of ABCD pattern with the extension of EF.
There is a good reason to believe that the price may start to fall now asides from the retracement.
It is unlikely for the price to return back to the level of 111 where many orders are trapped due to the break below of the 4-month rising trendline.
The price will fall again in order to wipe out any remaining buyers.
The price has fallen for extensively for close to another 2 weeks before it begins its retracement since last week.
The price has retraced significantly and completed 3 equal waves, a sort of ABCD pattern with the extension of EF.
There is a good reason to believe that the price may start to fall now asides from the retracement.
It is unlikely for the price to return back to the level of 111 where many orders are trapped due to the break below of the 4-month rising trendline.
The price will fall again in order to wipe out any remaining buyers.
