Nice setup for a long position on USDJPY. It could be the rare chance to get a very long trend from the beginning.
If your target is the long term and you are not in already, wait for the completion of 5 waves up and a retracement down before getting in.
You might not know how to handle the Elliott Wave count. If you don't feel confident enough just ring me up on Skype: "mariodconti"
Targets: 85.540 and 88.130 but the closest targets should be 80.730, 81.200, 81.850. The final target could be up to 98.500, 101.350 with a chance of 103.460 and 105.470.
I've already analysed this currency few weeks ago and I didn't change a thing.
Basically, we completed a cycle of 120 month at the beginning of February: a major top in Feb 2002 followed by a major low on Feb 2012).
We are now bouncing back after completing a 5-X-5-X-5 (or 5-3-5-3-5). In the monthly chart below I marked 9 waves down = 5-3-5
As you see in weekly chart below we started impulse wave 1-2-3 and 4 and we're now started wave 5 that will be followed by and a series of retracement waves
The daily chart below shows that the retracement of wave 4 (in turquoise) stopped exacly on the 50% line (in blue)
The 4hour chart below rings some bells as the chart touched the channel 4 times (yellow triangles). At this point in time we should have a breakout, hopefully on the upside. The Elliott count after wave 5 (in turquoise) is a 3-X-3-X-5.
In the 30min chart below we had 9 waves down and a sort of triple bottom. The chart also performed a breakout of both channels.