I've been closely monitoring USDJPY and the pair shows promising signs for a bullish continuation based on Elliott Wave analysis. From the chart, we can observe that the currency pair has completed Wave (4) of its cycle and is gearing up for Wave (5).
Wave (5) is often the final push in the direction of the prevailing trend, and based on Fibonacci projections, there are compelling targets to consider. The first notable target is set at the Fibonacci level of 1.618, which is around 160.496. This target suggests a significant potential for upward movement from the current levels.
Entering a long position now, with a close watch on the 160.496 level, could be a strategic move. It’s advisable to set a stop-loss just below the recent lows of Wave (4) to safeguard the trade against any downward shifts.
Keep a keen eye on the price action, and let’s ride the bullish wave together in the USDJPY market!
Wave (5) is often the final push in the direction of the prevailing trend, and based on Fibonacci projections, there are compelling targets to consider. The first notable target is set at the Fibonacci level of 1.618, which is around 160.496. This target suggests a significant potential for upward movement from the current levels.
Entering a long position now, with a close watch on the 160.496 level, could be a strategic move. It’s advisable to set a stop-loss just below the recent lows of Wave (4) to safeguard the trade against any downward shifts.
Keep a keen eye on the price action, and let’s ride the bullish wave together in the USDJPY market!
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