Nov. 11th – USDJPY

Looking at the intraday chart, it seems that price action is following our expectation of another high. The price action has reached the 50% retracement almost to the pip and from there shown a impulsive move up, where I can already count 3 waves. I have also adjusted the corrective channel and we see that the price action has so far found resistance against the upper limit of the channel. If indeed it is working on the last leg up, we expect the price action to target, and exceed the previous top at (3), indicated with the Target line on the chart, before turning. When we see the 5 waves up, we can start looking at the 4-9-18 again for our short signal to enter this pair short.
For now, we have to keep our patience.