Quick Update: USDJPY - Pre-FOMC, We May See More Retracing

2016年9月22日

I posted this on 9/14, eight days ago waaaayyy before today's FOMC:

Look at today's chart after the FOMC and tell me what you see? Did I KNOW this would happen 8 days ago? No. But the chart sure did! I just read and interpreted what the chart was already saying would happen. I don't have a crystal ball.

So now it has dropped and completed that Gartley pattern and is now approaching the previous lows set back on 8/16. I've marked that low as the end of the large wave 2. So if my wave count is correct, then prices SHOULD NOT go lower than that here before reversing up. If I am wrong, well, the risk is relatively low.

It should still drop a little bit more though so if it does, then you can reduce your risk even further.

I've got FULL charts on this pair available on my site that would make things even more clear.