When I reconsider about Wolfe Line of USD/JPY, I found that another parallel Wolfe
Channel upper Line could be drawn up.
You will see the latest high (115.59) was on a rejection Daily candle just above the
Wolfe Channel upper Line.
And Going back to 2011 bottom, there was a Diamond Formation which had a Breakout
at 76.52 (by BOJ intervention ).
If you calculate Fib.423.6% projection of the Diamond Formation Breakout:
76.52 + 923 pips x Fib.423.6%=115.62....
It looks like a major correction will be coming soon.
Nikita FX (climbingfx.jugem.jp/ )
Channel upper Line could be drawn up.
You will see the latest high (115.59) was on a rejection Daily candle just above the
Wolfe Channel upper Line.
And Going back to 2011 bottom, there was a Diamond Formation which had a Breakout
at 76.52 (by BOJ intervention ).
If you calculate Fib.423.6% projection of the Diamond Formation Breakout:
76.52 + 923 pips x Fib.423.6%=115.62....
It looks like a major correction will be coming soon.
Nikita FX (climbingfx.jugem.jp/ )