USDJPY, weak try

Hi Traders,

USDJPY doesn't convince me as it doesn't seem to have the strenght to break the triangle's upper line (displayed in the daily chart)

If it doesn't breakout above 99.27, it would start a new downtrend to the area 92.66-91.60

ELLIOTT WAVES

The daily chart displays 5 waves up (starting from bottom left) followed by "wave a" and "wave b" (top right). We now started "wave c" which it will be made of 5 legs down. Waves 1 & 2 (out of 5) are already in place. Wave 3 (downwards) should start soon.

ENTRY

None of the wave oscillators shows any clear signal yet, meaning that we have no confirmation yet and the direction is not clear yet. Hence, wait for a clear confirmation

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge