Bullish triangle on USDJPY Points higher
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July 25 2018
USDJPY is trading quite choppy and overlapping for some time now, 3-4 years to be more accurate which gives us an idea of a bullish triangle to be in play within wave B). In this case we see price unfolding legs D and E of this triangle, and once final leg E fully shows up.. a new bullish continuation towards 125.00 and beyond may start to develop.
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Time for some Elliott wave theory:
A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination.
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