Hello traders and good day. Today we are going to take a closer look at USDJPY checking it’s long and short term view. USDJPY has been trading choppy, slow and overlapping since 2015, which gives us an idea about a triangle pattern that can be in progress within a higher degree wave B). A triangle correction is a five-wave pattern, that usually unfolds prior to the final wave. This final wave in our case is labeled as the following red wave C). A triangle pattern also takes longer to fully unfold, rather then a simple zig-zag correction, meaning a further slowdown in price activity for this pair. Specifically we see the price trading at the start of sub-wave D of B), that can search for resistance near the upper triangle line and from there make a new and final drop lower into leg E. All being said, once the former swing high at 118.23 level gets breached, that is when wave B) correction will be considered as completed and wave C) will be on the move, towards new highs. USDJPY, Weekly Now let us switch to the 4h time frame chart. Here we see wave C of a triangle completed at the 107.31 level. Indication and a confirmation for a completed wave C is a sharp leg towards the 113 region, which we labeled as blue leg A. This wave A is showing some evidences of a completion, which means sub-wave A) of B can now be on the move. Ideally a three-wave decline will now follow within the bigger blue wave B, before a new recovery higher will again come in play. USDJPY, 4H A closer look at a triangle correction. 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. An example of a triangle correction: Gregor Horvat Gregor Horvat Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power! View All Post By Gregor Horvat Daily Look share Read Next US new home sales disappoint with 560K – USD ticks down Yohay Elam 5 years Hello traders and good day. Today we are going to take a closer look at USDJPY checking it's long and short term view. USDJPY has been trading choppy, slow and overlapping since 2015, which gives us an idea about a triangle pattern that can be in progress within a higher degree wave B). A triangle correction is a five-wave pattern, that usually unfolds prior to the final wave. This final wave in our case is labeled as the following red wave C). 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