UPDATE: How to determine a SELL for USDJPY

FX:USDJPY   美元 / 日圓
Hi guys, this has burst higher on the European open, not my expectation. However, if you factor in equities should see a headwind at around $2,785 on the S&P 500 we should begin to see JPY act in a risk on environment. Understand that a Wave 2 can retrace the entire length of wave 1 but it has to unfold in 3 waves. currently, we are in 3 waves so we need to focus on looking for a 5 wave pattern lower followed by a 3 wave counter trend rally. It's the counter-trend rally that we should with a high probability we move lower once more! An issue I have with this chart is RSI is way above 70 which is a typical characteristic of wave 3!

Hope this helps guys have a great day!
Rob, Any update ?
@jma2r, Just posted a video!
It seems strange how little movement the market has today.
Thank you Rob for your videos and your thought about USDJPY and I like Taiwan-Bear Cypher. I Wonder if the price want to hit the weekly trend line around 112.04 (begin at date 08/09/2015). I will try to attach the graph.

+3 回覆
@ANEI, I couldn't attach the graph?
@ANEI, Hi Anei, you could be 100% correct! From the data I'm looking at I do believe we turn soon and also thank you for sharing a chart with your perspective! My biggest issue with upside targets is that this 5th wave is truncated in a very big way, so much that it wouldn't look like a 5th wave. I still lean to the downside for now. I will have a video out soon once we get a little more price data with what I'm seeing and expectations. Again thanks for the chart and input, much appreciated!
when we enter a week like this one having one of the densest schedule of news, all of which being against a drop of usdjpy (unless a surprise i admit), shorting usdjpy right before the beginning of the week is the most dangerous thing to do. if anything must happen to the downside it won't be anyway before the BOJ, meanwhile the market will have the time to destroy joyfully the positions of early sellers .... not publishing videos doesn't mean we are a troll, by publishing you take responsability to take with you beginners and non experienced retail traders to their demise. be surprise that i am myself a usdjpy bear, a pro trader, with an enormous margin such that i can withstand large deviations on usdjpy, but i was "surprised" by your far too early call to short usdjpy, you perfectly know the market won't allow a falling knife as it makes it too easy for everyone to catch it. the falling structure of usdjpy is much more complicated than that and won't come smoothly. (and please ... i have been polite and honest)
I am waiting to pull trigger down when this turns back
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