Hi Traders,
USDJPY
The USDJPY, now at 104.00, made a new top at 104.63 which should be followed by a Zig-Zag correction in 3-5 swings, the last one down to 101.47 and/or 100.60.
TARGETS
likely: 102.77-102.73
possibly: 101.60-101.55
maybe: 100.60-99.96
ELLIOTT WAVES
The daily chart displays 3 impulse waves up which should be followed by a corrective zig-zag in 3-5 waves to form wave 4.
The 4-hour chart shows the completion of wave 3 which was performed in 5 waves of a minor degree.
NOTE
I believe that trading during these holidays is not really worth it due to lack of volume. Real trading should resume from Jan 6th.
Also, wait for an entry signal from the wave oscillator in the daily/4-hour chart before taking any position. The signal is almost there.
monthly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
wave oscillator over the 1-hour chart - click to enlarge
