USDJPY-Weekly Market Analysis-Oct21,Wk5

If you have been trading for some time, you would have known that USDJPY seldom has a significant retracement when it is in a trending state.

So, it is a worrying sign for trend traders to see this. But if you are a faithful Harmonic Pattern Trader, you will be overjoyed to see a Bullish Crab and Bullish Shark converge at the same level on the 1-hourly chart.

If you have been trading Harmonic Patterns for some time, you should be aware that Crab Pattern and Shark Pattern do consolidate a bit before the actual move and at times they offer a lower entry price.

If you aren't aware of that, look for a mentor to help you with this.