USD/JPY Discussion

This sucks. Well at least we now know how much the market priced in the rate hike ahead of time. (Quite a bit!)

Right up to (and down) from prior support turned to resistance:

Why the YEN should tank
Demand for Japanese exports is tanking - Business Insider
https://apple.news/AxU5JI6yATzq9oLsTTF5Iig

Expanding diagonal formed with wave (4) overlapped (2), now TP & reversal area is near 123.15

Maybe its just me but PA looks mighty impulsive - since fed announcement. Not corrective.

- His charts,as always, are full of errors.

Unless it trades below 122.50 chances of its decline remains brighter.

Being more specific here - A final push up of present advance towards at least 123.15 for TP & reversal.

You've got a wave (4) way above (1), (2), and (3) ???????????

Not to mention a few other incorrect labels.

Thanks for the question.
Wave (4) is overlapping wave (2) because it is in an expanding diagonal.
Love to see any of your labeling, yet?
TP just as I post.

Congrats, it just spiked up to your last wave up

The Bank of Japan to Postpone Completion of Sales of Stocks Purchased from Financial Institutions
http://www.boj.or.jp/en/announcement...rel151218b.pdf

Japan starts to react on the USA rate-hike!
******
＜Market Issuance Plan by JGB Types＞
http://www.mof.go.jp/english/jgbs/de...18calander.pdf

T-Bills increased for lowering YEN mainly in 2015.
******

The reversal and decline from the top today has been too swift to make any worthwhile short entry except one.
Potential short setup at top of (b).

Come on. That wave 4 is almost overlapping the very start of the down move. I allow for overlap of wave 1 extremes but just the extreme not 3/4rds of the whole wave. If it works for you fine. But its nowhere near legit.

As for my wave count I don't "try" to label every zig and zag. Its futile.

Yes, it's not legit according to what you yourself think it is.


Why not........... if it pin points areas for entry, exit and management of trades, unless it's futile if you're not trading it.

Again, a chart with your wave count would help you greatly!

Thank you! Here's a quote I like about TP.

Skyhok,Sir you have my deepest respect for that call for reversal at 123 and new attack on 120 soon.I trade with technical analysis and use Elliott Wave as a security tool.I cannot trade only with Elliot Wave because I don't have enough plastic mind to use it for forecasting.I discovered you only short while ago and you made me become FF member after all these years only to express my high opinion of your Elliott Wave forecasting.To be frank,your Wave labeling is so daring and to me waves of same degree are so disproportionate in terms of time and distance that I would never dare to call them.But you are proven by markets and that is all that matters.
I was in that trade from 120 up and from my knowledge of technical analysis and Elliott Wave I said to myself: "No way this is coming back to 120 ,I will eat my hat if this Skyhok fellow is right."And yet Friday morning (my time),I discovered that huge and brutal reversal and had to close my trade just in time before London pushed it even lower.I use Elliott Wave for risk management and it was time to take a loss.I expected normal correction,not so violent and deep impulse down.
To me, applying Elliott Wave for forecasting the way you do it ,is sort of an art and I am amazed.Since when are you a practitioner of Wave analysis?Did you have to study for long?

Bigger picture view, I think maybe a break lower despite all the "US$ bullish" views.