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USD/JPY: Bullish Pattern

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by , 05-23-2019 at 12:09 PM (110 Views)
      
   
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We are tracking a bullish 5-3 wave pattern for USD/JPY. This is where you have a 5 wave motive wave to start a new trend followed by a three wave partial retracement.

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The motive wave began on January 2, 2019 and carried to March 5, 2019. From there, a sideways flat pattern carved in three waves labeled (a)-(b)-(c). The wave structure from the May 13 low appears to be a leading diagonal pattern. If this interpretation is correct, then another large rally may begin soon.

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