Learn how to create trading plans from a currency broker expert｜Episode 25 Incorporating the Three-Wave Theory into USD/JPY market analysis (18) [Toshiro Asano]
Toshio Asano Profile
Asano Toshirō. A foreign exchange trading intermediary working for Tokyo Forex Corporation, a member of the Tokyo-Tan Group, and also with EBS (now ICAP), a company boasting over 80% world market share in currency trading, among other experiences. He has firsthand experience with historic markets such as the 1985 Plaza Accord, the subsequent era of extreme yen strength, the burst of the bubble, and the 2000 euro introduction, which helped him develop his market sense. He later founded two FX trading companies and also worked as a dealer for a private FX fund. Currently, he writes for the Daily Blog of the Investment School Group. His specialty in video editing is popular among supporters who appreciate easy-to-understand video works.
This project is where Toshirō Asano shares his trading methods and market-sense-building know-how backed by his own experience and knowledge without leaving anything out. This time as well, he will continue to interpret the near-term and future USD/JPY market and present the most suitable buy/sell plan based on that.
*This article is a reprint and revision of FX攻略.com May 2019 issue. Please note that the market information stated in the text may differ from the current market.
Weekly chart shows steady progress, but major trend is hard
The manuscript from the previous issue was at the time of the fifth week from the low point O, and because the weekly low at O formed a spike bottom (price movement with a long lower wick), there was a strong possibility that a near-term downside had been tested. On the other hand, after quickly achieving the half retracement of N–O, the uptrend slowed, and the best strategy was to wait. This month’s chart has not reached a situation requiring changes since the previous month, so we will proceed right away by looking at the weekly chart (Chart ①).
Source:USDJPY chart by TradingView
