USD/JPY has probably reversed its short-term downtrend and is now trending higher after establishing a new sequence of higher highs and higher lows.
USD/JPY has reversed trend and is now rising in the short-term. Although it completed an abc correction it failed to decline afterwards, instead breaking higher. Given “the trend is your friend” this suggests a bullish bias exists over the short term. USD/JPY 4-hour Chart The change in trend comes about after the pair continued rising despite completing an abc correction between August 5-7.
Normally the completion of the abc correction would have been a signal the pullback had ended and the dominant downtrend was about to resume. However, in the case of USD/JPY the pair failed to decline and instead traded sideways before breaking decisively higher on August 15. The break above the top of wave c indicates the short-term trend is now probably bullish and therefore more likely than not to continue rising.
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